Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Aug. 27, 2016 | Dec. 31, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | LSI INDUSTRIES INC | ||
Entity Central Index Key | 763,532 | ||
Trading Symbol | lyts | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 24,978,016 | ||
Entity Public Float | $ 300,176,800 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Building [Member] | ||||
Gain on disposition of building | $ (343) | |||
Net sales | [1] | 322,196 | 307,857 | 299,463 |
Cost of products and services sold | 238,525 | 233,408 | 234,165 | |
Gross profit | 83,671 | 74,449 | 65,298 | |
Loss on sale of subsidiary (see Note 15) | 565 | |||
Gain on disposition of building | (343) | |||
Selling and administrative expenses | 69,715 | 66,694 | 62,175 | |
Goodwill and intangible asset impairment | [2] | 805 | ||
Operating Income (Loss) | 13,956 | 7,533 | 2,318 | |
Interest (income) | (84) | (26) | (17) | |
Interest expense | 36 | 45 | 68 | |
Income before income taxes | 14,004 | 7,514 | 2,267 | |
Income tax expense | 4,522 | 2,363 | 1,337 | |
Net income | $ 9,482 | $ 5,151 | $ 930 | |
Earnings per common share (see Note 3) | ||||
Basic (in dollars per share) | $ 0.38 | $ 0.21 | $ 0.04 | |
Diluted (in dollars per share) | $ 0.37 | $ 0.21 | $ 0.04 | |
Weighted average common shares outstanding | ||||
Basic (in shares) | 24,988 | 24,496 | 24,388 | |
Diluted (in shares) | [3] | 25,592 | 24,638 | 24,546 |
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale. | |||
[2] | The Company recorded a significant impairment of goodwill and/or intangible assets in fiscal 2014 and 2013, and a minor impairment in fiscal 2012. See Note 6. | |||
[3] | Options to purchase 1,275,000 common shares, 1,882,722 common shares, and 1,974,775 common shares at June 30, 2016, 2015, and 2014, respectively, were not included in the computation of diluted earnings per share because the exercise price was greater than the average fair market value of the common shares. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 33,835 | $ 26,409 |
Accounts receivable, less allowance for doubtful accounts of $226 and $317, respectively | 46,975 | 43,661 |
Inventories | 44,141 | 43,083 |
Refundable income taxes | 99 | |
Prepaid and other current assets | 2,792 | 4,408 |
Total current assets | 127,743 | 117,660 |
Land | 6,978 | 6,952 |
Buildings | 39,317 | 37,706 |
Machinery and equipment | 82,628 | 76,383 |
Construction in progress | 838 | 588 |
129,761 | 121,629 | |
Less accumulated depreciation | (82,299) | (78,441) |
Net property, plant and equipment | 47,462 | 43,188 |
Goodwill | 10,508 | 10,508 |
Other Intangible Assets, net | 5,586 | 6,092 |
Other Long-Term Assets, net | 4,261 | 3,242 |
Total assets | 195,560 | 180,690 |
Current Liabilities | ||
Accounts payable | 13,892 | 14,721 |
Accrued expenses | 25,341 | 22,126 |
Total current liabilities | 39,233 | 36,847 |
Other Long-Term Liabilities | 807 | 891 |
Shareholders’ Equity | ||
Preferred shares, without par value; Authorized 1,000,000 shares, none issued | ||
Common shares, without par value; Authorized 40,000,000 shares; Outstanding 24,982,219 and 24,392,938 shares, respectively | 113,653 | 106,353 |
Retained earnings | 41,867 | 36,599 |
Total shareholders’ equity | 155,520 | 142,952 |
Total liabilities & shareholders’ equity | $ 195,560 | $ 180,690 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Allowance for doubtful accounts | $ 226 | $ 317 |
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 |
Preferred shares, authorized shares (in shares) | 1,000,000 | 1,000,000 |
Preferred shares, issued (in shares) | 0 | 0 |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, authorized (in shares) | 40,000,000 | 40,000,000 |
Common shares, outstanding (in shares) | 24,982,219 | 24,392,938 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Stock Compensation Plan [Member]Common Stock [Member] | Stock Compensation Plan [Member]Key Executive Deferred Compensation [Member] | Stock Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member]Common Stock [Member] | Restricted Stock Units (RSUs) [Member]Key Executive Deferred Compensation [Member] | Common Stock [Member] | Key Executive Deferred Compensation [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Jun. 30, 2013 | 24,346,000 | (289,000) | |||||||
Balance at Jun. 30, 2013 | $ 105,283,000 | $ (2,791,000) | $ 39,198,000 | $ 141,690,000 | |||||
Net income | 930,000 | 930,000 | |||||||
Stock compensation awards (in shares) | 23,000 | ||||||||
Stock compensation awards | $ 193,000 | 193,000 | |||||||
Purchase of treasury shares, net (in shares) | (18,000) | ||||||||
Purchase of treasury shares, net | $ (124,000) | (124,000) | |||||||
Deferred stock compensation | 99,000 | 99,000 | |||||||
Stock option expense | $ 1,005,000 | $ 1,004,676 | |||||||
Stock options exercised, net (in shares) | 61,000 | 60,636 | |||||||
Stock options exercised, net | $ 399,000 | $ 399,000 | |||||||
Dividends | (5,780,000) | (5,780,000) | |||||||
Balance (in shares) at Jun. 30, 2014 | 24,430,000 | (307,000) | |||||||
Balance at Jun. 30, 2014 | $ 106,979,000 | $ (2,915,000) | 34,348,000 | 138,412,000 | |||||
Purchase of treasury shares, net | $ (124,000) | (124,000) | |||||||
Net income | 5,151,000 | 5,151,000 | |||||||
Stock compensation awards (in shares) | 27,000 | ||||||||
Stock compensation awards | $ 191,000 | 191,000 | |||||||
Deferred stock compensation | (761,000) | (761,000) | |||||||
Stock option expense | $ 1,239,000 | $ 1,238,897 | |||||||
Stock options exercised, net (in shares) | 163,000 | 163,076 | |||||||
Stock options exercised, net | $ 850,000 | $ 850,000 | |||||||
Dividends | (2,900,000) | (2,900,000) | |||||||
Balance (in shares) at Jun. 30, 2015 | 24,620,000 | (227,000) | |||||||
Balance at Jun. 30, 2015 | $ 108,498,000 | $ (2,145,000) | 36,599,000 | 142,952,000 | |||||
Distribution of treasury shares, net (in shares) | 80,000 | ||||||||
Distribution of treasury shares, net | $ 770,000 | 770,000 | |||||||
Net income | 9,482,000 | 9,482,000 | |||||||
Stock compensation awards (in shares) | 23,000 | 5,000 | |||||||
Stock compensation awards | $ 248,000 | $ 248,000 | |||||||
Purchase of treasury shares, net (in shares) | (1,000) | ||||||||
Purchase of treasury shares, net | $ (23,000) | (23,000) | |||||||
Deferred stock compensation | $ 151,000 | 151,000 | |||||||
Stock option expense | $ 2,519,092 | ||||||||
Stock options exercised, net (in shares) | 562,000 | 561,946 | |||||||
Stock options exercised, net | $ 4,021,000 | $ 4,021,000 | |||||||
Dividends | (4,214,000) | (4,214,000) | |||||||
Balance (in shares) at Jun. 30, 2016 | 25,210,000 | (228,000) | |||||||
Balance at Jun. 30, 2016 | $ 115,821,000 | $ (2,168,000) | $ 41,867,000 | 155,520,000 | |||||
Purchase of treasury shares, net | $ (23,000) | (23,000) | |||||||
Stock-based compensation expense | $ 2,903,000 | $ 2,903,000 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Retained Earnings [Member] | |||
Dividends, per share (in dollars per share) | $ 0.17 | $ 0.12 | $ 0.24 |
Dividends, per share (in dollars per share) | $ 0.17 | $ 0.12 | $ 0.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Building [Member] | ||||
Non-cash items included in net income | ||||
Gain on disposition of building | $ (343,000) | |||
Net income | 9,482,000 | 5,151,000 | 930,000 | |
Depreciation and amortization | 6,677,000 | 6,331,000 | 6,226,000 | |
Goodwill and intangible asset impairment | [1] | 805,000 | ||
Deferred income taxes | (1,117,000) | (226,000) | 856,000 | |
Deferred compensation plan | 151,000 | (761,000) | 99,000 | |
Stock based compensation expense | 2,903,000 | 1,239,000 | 1,005,000 | |
Issuance of common shares as compensation | 248,000 | 191,000 | 193,000 | |
Gain on disposition of building | (343,000) | |||
Loss on disposition of fixed assets | (1,000) | 9,000 | 36,000 | |
Loss on sale of subsidiary | 565,000 | |||
Allowance for doubtful accounts | 55,000 | 220,000 | 6,000 | |
Inventory obsolescence reserve | 1,726,000 | 1,493,000 | 1,464,000 | |
Change in certain assets and liabilities | ||||
Accounts receivable | (3,369,000) | (1,631,000) | 3,232,000 | |
Inventories | (2,784,000) | 1,000 | (4,779,000) | |
Refundable income taxes | 99,000 | 1,815,000 | (538,000) | |
Accounts payable | (1,130,000) | 910,000 | 1,229,000 | |
Accrued expenses and other | 5,116,000 | 6,115,000 | 269,000 | |
Customer prepayments | (271,000) | (149,000) | 526,000 | |
Net cash flows provided by operating activities | 17,785,000 | 20,930,000 | 11,559,000 | |
Cash Flows From Investing Activities | ||||
Purchases of property, plant, and equipment | (10,211,000) | (4,754,000) | (5,245,000) | |
Proceeds from sale of subsidiary, net of cash sold | 1,494,000 | |||
Proceeds from sale of fixed assets | 68,000 | 1,006,000 | 255,000 | |
Net cash flows (used in) investing activities | (10,143,000) | (2,254,000) | (4,990,000) | |
Cash Flows From Financing Activities | ||||
Cash dividends paid | (4,214,000) | (2,900,000) | (5,780,000) | |
Purchase of treasury shares | (363,000) | (205,000) | (188,000) | |
Issuance of treasury shares | 340,000 | 975,000 | 64,000 | |
Exercise of stock options | 4,021,000 | 850,000 | 399,000 | |
Net cash flows (used in) financing activities | (216,000) | (1,280,000) | (5,505,000) | |
Increase in cash and cash equivalents | 7,426,000 | 17,396,000 | 1,064,000 | |
Cash and cash equivalents at beginning of year | 26,409,000 | 9,013,000 | 7,949,000 | |
Cash and cash equivalents at end of year | $ 33,835,000 | $ 26,409,000 | $ 9,013,000 | |
[1] | The Company recorded a significant impairment of goodwill and/or intangible assets in fiscal 2014 and 2013, and a minor impairment in fiscal 2012. See Note 6. |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation: The consolidated financial statements include the accounts of LSI Industries Inc. (an Ohio corporation) and its subsidiaries (collectively, the “Company”), all of which are wholly owned. All intercompany transactions and balances have been eliminated in consolidation. Revenue Recognition: Revenue is recognized when title to goods and risk of loss have passed to the customer, there is persuasive evidence of a purchase arrangement, delivery has occurred or services have been rendered, and collectability is reasonably assured. Revenue is typically recognized at time of shipment. In certain arrangements with customers, as is the case with the sale of some of our solid-state LED (light emitting diode) video screens, revenue is recognized upon customer acceptance of the video screen at the job site. Sales are recorded net of estimated returns, rebates and discounts. Amounts received from customers prior to the recognition of revenue are accounted for as customer pre-payments and are included in accrued expenses. The Company has five sources of revenue: revenue from product sales; revenue from installation of products; service revenue generated from providing integrated design, project and construction management, site engineering and site permitting; revenue from the management of media content and digital hardware related to active digital signage; and revenue from shipping and handling. Product revenue is recognized on product-only orders upon passing of title and risk of loss, generally at time of shipment. However, product revenue related to orders where the customer requires the Company to install the product is recognized when the product is installed. The Company provides product warranties and certain post-shipment service, support and maintenance of certain solid state LED video screens. Installation revenue is recognized when the products have been fully installed. The Company is not always responsible for installation of products it sells and has no post-installation responsibilities, other than normal warranties. Service revenue from integrated design, project and construction management, and site permitting is recognized when all products at each customer site have been installed. Revenue from the management of media content and digital hardware related to active digital signage is recognized evenly over the service period with the customer. Media content service periods with most customers range from one month to one year. Shipping and handling revenue coincides with the recognition of revenue from sale of the product. In situations where the Company is responsible for re-imaging programs with multiple sites, each site is viewed as a separate unit of accounting and has stand-alone value to the customer. Revenue is recognized upon the Company’s complete performance at the location, which may include a site survey, graphics products, lighting products, and installation of products. The selling price assigned to each site is based upon an agreed upon price between the Company and its customer and reflects the estimated selling price for that site relative to the selling price for sites with similar image requirements. The Company also evaluates the appropriateness of revenue recognition in accordance with the accounting standards on software revenue recognition. Our solid-state LED video screens and active digital signage contain software elements which the Company has determined are incidental. Credit and Collections: The Company maintains allowances for doubtful accounts receivable for probable estimated losses resulting from either customer disputes or the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against income. The Company determines its allowance for doubtful accounts by first considering all known collectability problems of customers’ accounts, and then applying certain percentages against the various aging categories based on the due date of the remaining receivables. The resulting allowance for doubtful accounts receivable is an estimate based upon the Company’s knowledge of its business and customer base, and historical trends. Receivables deemed uncollectable are written-off against the allowance for doubtful accounts receivable after all collection efforts have been exhausted. The Company also establishes allowances, at the time revenue is recognized, for returns, discounts, pricing and other possible customer deductions. These allowances are based upon historical trends. The following table presents the Company’s net accounts receivable at the dates indicated. (In thousands) June 30, June 30, 2016 2015 Accounts receivable $ 47,201 $ 43,978 Less: Allowance for doubtful accounts (226 ) (317 ) Accounts receivable, net $ 46,975 $ 43,661 Cash and Cash Equivalents: The cash balance includes cash and cash equivalents which have original maturities of less than three months. Cash and cash equivalents consist primarily of bank deposits and a bank money market account that is stated at cost, which approximates fair value. The Company maintains balances at financial institutions in the United States. In the United States, the FDIC limit for insurance coverage on non-interest bearing accounts is $250,000. As of June 30, 2016 and June 30, 2015, the Company had bank balances of $37,883 ,000 and $28,494,000, respectively, without insurance coverage. Inventories and Inventory Reserves: Inventories are stated at the lower of cost or market. Cost of inventories includes the cost of purchased raw materials and components, direct labor, as well as manufacturing overhead which is generally applied to inventory based on direct labor and on material content. Cost is determined on the first-in, first-out basis. The Company maintains an inventory reserve for probable obsolescence of its obsolete and excess inventory. The Company first determines its obsolete inventory reserve by considering specific known obsolete items, and then by applying certain percentages to specific inventory categories based upon inventory turns. The Company uses various tools, in addition to inventory turns, to identify which inventory items have the potential to become obsolete. Judgment is used to establish excess and obsolescence inventory reserves and management adjusts these reserves as more information becomes available about the ultimate disposition of the inventory item. Property, Plant and Equipment and Related Depreciation: Property, plant and equipment are stated at cost. Major additions and betterments are capitalized while maintenance and repairs are expensed. For financial reporting purposes, depreciation is computed on the straight-line method over the estimated useful lives of the assets as follows: Buildings (in years) 28 - 40 Machinery and equipment (in years) 3 - 10 Computer software (in years) 3 - 8 Costs related to the purchase, internal development, and implementation of the Company’s fully integrated enterprise resource planning/business operating software system are either capitalized or expensed. Leasehold improvements are depreciated over the shorter of fifteen years or the remaining term of the lease. The Company sold one of two buildings at its Woonsocket, Rhode Island operation, which is included in the Graphics Segment, in the first quarter of fiscal 2015. The sale of this property was the result of the consolidation of the operations into the remaining facility in order to eliminate redundancies and improve manufacturing efficiencies. The selling price of the building was in excess of its carrying value. The Company recorded $6 ,171 ,000, $5,804 ,000 and $5,411,000 of depreciation expense in the years ended June 30, 2016, 2015 and 2014, respectively. Intangible Assets: Intangible assets consisting of customer relationships, trade names and trademarks, patents, technology and software, and non-compete agreements are recorded on the Company's balance sheet. The definite-lived intangible assets are being amortized to expense over periods ranging between seven and twenty years. The Company evaluates definite-lived intangible assets for permanent impairment when triggering events are identified. Neither indefinite-lived intangible assets nor the excess of cost over fair value of assets acquired ("goodwill") are amortized, however they are subject to review for impairment. See additional information about goodwill and intangibles in Note 6. Fair Value: The Company has financial instruments consisting primarily of cash and cash equivalents, revolving lines of credit, and on occasion, long-term debt. The fair value of these financial instruments approximates carrying value because of their short-term maturity and/or variable, market-driven interest rates. The Company has no financial instruments with off-balance sheet risk. Fair value measurements of nonfinancial assets and nonfinancial liabilities are primarily used in goodwill and other intangible asset impairment analyses, in the purchase price of acquired companies (if any), and in the valuation of the contingent earn-out. The accounting guidance on fair value measurement was used to measure the fair value of these nonfinancial assets and nonfinancial liabilities. Product Warranties: The Company offers a limited warranty that its products are free from defects in workmanship and materials. The specific terms and conditions vary somewhat by product line, but generally cover defective products returned within one to five years, with some exceptions where the terms extend to 10 years, from the date of shipment. The Company records warranty liabilities to cover the estimated future costs for repair or replacement of defective returned products as well as products that need to be repaired or replaced in the field after installation. The Company calculates its liability for warranty claims by applying estimates to cover unknown claims, as well as estimating the total amount to be incurred for known warranty issues. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Changes in the Company’s warranty liabilities, which are included in accrued expenses in the accompanying consolidated balance sheets, during the periods indicated below were as follows: (In thousands) June 30, 2016 June 30, 2015 Balance at beginning of the period $ 3,408 $ 2,662 Additions charged to expense 5,069 3,185 Deductions for repairs and replacements (3,408 ) (2,439 ) Balance at end of the period $ 5,069 $ 3,408 Employee Benefit Plans: The Company has a defined contribution retirement plan and a discretionary profit sharing plan covering substantially all of its non-union employees in the United States, and a nonqualified deferred compensation plan covering certain employees. The costs of employee benefit plans are charged to expense and funded annually. Total costs were $2,327,000 in 2016, $1,880,000 in 2015, and $1,961,000 in 2014. Research and Development Costs: Research and development expenses are costs directly attributable to new product development, including the development of new technology for both existing and new products, and consist of salaries, payroll taxes, employee benefits, materials, outside legal costs and filing fees related to obtaining patents, supplies, depreciation and other administrative costs. The Company expenses as research and development all costs associated with development of software used in solid-state LED products. All costs are expensed as incurred and are included in selling and administrative expenses. Research and development costs related to both product and software development totaled $5,549 ,000, $5,598,000 and $8,226,000 for the fiscal years ended June 30, 2016, 2015 and 2014, respectively. Cost of Products and Services Sold: Cost of products sold is primarily comprised of direct materials and supplies consumed in the manufacture of products, as well as manufacturing labor, depreciation expense and direct overhead expense necessary to acquire and convert the purchased materials and supplies into finished product. Cost of products sold also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity . Cost of services sold is primarily comprised of the internal and external labor costs required to support the Company’s service revenue along with the management of media content. Advertising Expense: The Company recorded $288 ,000, $305,000, and $322,000 of advertising expense in 2016, 2015 and 2014, respectively. Advertising costs are expensed the first time the advertising occurs. Expense related to printed product or capabilities literature, brochures, etc. is recorded on a ratable basis over the useful life of that printed media. Earnings Per Common Share: The computation of basic earnings per common share is based on the weighted average common shares outstanding for the period net of treasury shares held in the Company’s nonqualified deferred compensation plan. The computation of diluted earnings per share is based on the weighted average common shares outstanding for the period and includes common share equivalents. Common share equivalents include the dilutive effect of stock options, restricted stock units, contingently issuable shares and common shares to be issued under a deferred compensation plan, all of which totaled 872,000 shares in fiscal 2016, 451,000 shares in fiscal 2015, and 462,000 shares in fiscal 2014. See further discussion in Note 3. Income Taxes: The Company accounts for income taxes in accordance with the accounting guidance for income taxes. Accordingly, deferred income taxes are provided on items that are reported as either income or expense in different time periods for financial reporting purposes than they are for income tax purposes. Deferred income tax assets and liabilities are reported on the Company’s balance sheet. Significant management judgment is required in developing the Company’s income tax provision, including the estimation of taxable income and the effective income tax rates in the multiple taxing jurisdictions in which the Company operates, the estimation of the liability for uncertain income tax positions, the determination of deferred tax assets and liabilities, and any valuation allowances that might be required against deferred tax assets. New Accounting Pronouncements: In June 2014, the Financial Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers.” This amended guidance supersedes and replaces all existing U.S. GAAP revenue recognition guidance. The guidance established a new revenue recognition model, changes the basis for deciding when revenue is recognized , provides new and more detailed guidance on specific revenue topics, and expands and improves disclosures about revenue. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing.” In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers: Narrow Scope Improvements and Practical Expedients.” Both of these standards clarify or improve guidance from ASU 2014-09. These standards are effective for fiscal years and interim periods within those years, beginning after December 15, 2017, or the Company’s fiscal year 2019. The Company is evaluating the impact the amended guidance will have on its financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes,” which eliminates the current requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts in the statement of financial position. This update requires that deferred tax liabilities and assets be classified as noncurrent. This update is effective for financial statements issued for fiscal years beginning April 1, 2017. This update may be applied either prospectively or retrospectively. However, early adoption is permitted and we have chosen to adopt the standard retrospectively as of June 30, 2016. As a result, prior periods have been adjusted to reflect this change. This update impacted the presentation, but not the measurement of deferred tax liabilities and assets. Comprehensive Income: The Company does not have any comprehensive income items other than net income (loss). The functional currency of the Company’s former Canadian operation was the U.S. dollar. Subsequent Events: The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed. No items were identified during this evaluation that required adjustment to or disclosure in the accompanying financial statements. Reclassifications: Certain prior year balance sheet amounts have been reclassified to conform to the new accounting guidance on balance sheet classification of deferred taxes. These reclassifications have no impact on net income, earnings per share, or operating cash flows. Use of Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Note 2 - Business Segment Infor
Note 2 - Business Segment Information | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 2 — BUSINESS SEGMENT INFORMATION The accounting guidance on Segment Reporting establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information of those segments to be presented in financial statements. Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (the Company’s Chief Executive Officer or “CODM”) in making decisions on how to allocate resources and assess performance. In the third quarter of fiscal 2015, the Company realigned its operating segments to be in alignment with the financial information received by the Chief Executive Officer. The Company’s three operating segments are Lighting, Graphics, and Technology, each of which has a president who is responsible for that business and reports to the CODM. An All Other Category as well as Corporate and Eliminations will also be reported in the segment information. As a result of the realignment of the Company’s operating segments in the third quarter of fiscal 2015, all prior period segment information has been revised so as to be comparable with the new segment reporting structure. The changes made and realignment of the Company’s operating segments involved the following: 1) The segment formerly known as the Electronic Components Segment was renamed as the Technology Segment. 2) The LED Video Screen product line was moved out of the Lighting Segment and into the Technology Segment. 3) The Company’s installation management business (LSI Adapt) and the menu board business (LSI Images) were moved out of the All Other Category and into the Graphics Segment. The Lighting Segment includes outdoor, indoor, and landscape lighting utilizing both traditional and LED light sources, that have been fabricated and assembled for the commercial, industrial and multi-site retail lighting markets, the Company’s primary niche markets (petroleum / convenience store market, automotive dealership market, and quick service restaurant market). The Graphics Segment designs, manufactures and installs exterior and interior visual image elements related to traditional graphics, active digital signage along with the management of media content related to digital signage, and menu board systems that are either digital or traditional by design. These products are used in visual image programs in several markets, including the petroleum / convenience store market, multi-site retail operations, banking, and restaurants. The Graphics Segment implements, installs and provides program management services related to products sold by the Graphics Segment and by the Lighting Segment. The Technology Segment designs, engineers, and manufactures electronic circuit boards, assemblies and sub-assemblies, various control system products used in other applications (including the control of solid-state LED lighting and metal halide lighting), and solid state LED video screens, scoreboards and advertising ribbon boards. This operating segment sells its products directly to customers (primarily in the transportation, original equipment manufacturers, sports, and medical markets) and also has significant inter-segment sales to the Lighting Segment. The All Other Category includes only the Company’s former subsidiary that designed and produced high-performance light engines, large format video screens using solid-state LED technology, and certain specialty LED lighting. This subsidiary was sold on September 30, 2014 (See Note 15). The Company’s corporate administration activities are reported in a line item titled Corporate and Eliminations. This primarily includes intercompany profit in inventory eliminations, expense related to certain corporate officers and support staff, the Company’s internal audit staff, expense related to the Company’s Board of Directors, stock option expense for options granted to corporate administration employees, certain consulting expenses, investor relations activities, and a portion of the Company’s legal, auditing and professional fee expenses. Corporate identifiable assets primarily consist of cash, invested cash (if any), refundable income taxes, and deferred income tax assets. There were no customers or customer programs representing a concentration of 10% or more of the Company’s net sales in the fiscal years ended June 30, 2016, 2015 and 2014. There was no concentration of accounts receivable at June 30, 2016 or 2015 . Summarized financial information for the Company’s reportable business segments is provided for the indicated periods and as of June 30, 2016, June 30, 2015, June 30, 2014: (In thousands) 201 6 2015 2014 Net S ales: Lighting Segment $ 226,889 $ 219,920 $ 222,604 Graphics Segment 77,039 64,895 50,970 Technology Segment 18,268 23,001 24,515 All Other Category — 41 1,374 Total Net Sales $ 322,196 $ 307,857 $ 299,463 Operating I ncome ( L oss): Lighting Segment $ 15,785 $ 14,775 $ 10,524 Graphics Segment 5,429 1,156 (2,086 ) Technology Segment 3,845 2,949 1,633 All Other Category — (183 (854 ) Corporate and Eliminations (11,103 ) (11,164 (6,899 ) Total Operating Income $ 13,956 $ 7,533 $ 2,318 Capital Expenditures: Lighting Segment $ 4,255 $ 1,905 $ 3,294 Graphics Segment 3,605 1,100 461 Technology Segment 1,935 1,146 726 All Other Category — 4 20 Corporate and Eliminations 416 599 744 Total Capital Expenditures $ 10,211 $ 4,754 $ 5,245 Depreciation and A mortization: Lighting Segment $ 2,930 $ 2,965 $ 2,779 Graphics Segment 1,015 979 950 Technology Segment 1,518 1,341 1,563 All Other Category — 31 161 Corporate and Eliminations 1,214 1,015 773 Total Depreciation and Amortization $ 6,677 $ 6,331 $ 6,226 June 30, June 30, 201 6 2015 Identifiable A ssets: Lighting Segment $ 95,168 $ 90,713 Graphics Segment 32,450 29,477 Technology Segment 29,388 28,423 All Other Category — — Corporate and Eliminations 38,554 32,077 Total Identifiable Assets $ 195,560 $ 180,690 The segment net sales reported above represent sales to external customers. Segment operating income, which is used in management’s evaluation of segment performance, represents net sales less all operating expenses. Identifiable assets are those assets used by each segment in its operations. Corporate identifiable assets primarily consist of cash, invested cash (if any), refundable income taxes, and deferred income tax assets. The Company records a 10% mark-up on intersegment revenues. Any intersegment profit in inventory is eliminated in consolidation. Intersegment revenues were eliminated in consolidation as follows: (In thousands) 201 6 2015 2014 Lighting Segment intersegment net sales $ 2,935 $ 2,752 $ 3,534 Graphics Segment intersegment net sales $ 1,760 $ 559 $ 1,088 Technology Segment intersegment net sales $ 35,733 $ 29,412 $ 34,238 All Other Category intersegment net sales $ — $ 308 $ 2,286 The Company considers its geographic areas to be: 1) the United States; and 2) Canada. The Company’s operations are in the United States, with one operation previously in Canada. As a result of the sale of a subsidiary on September 30, 2014, the Company no longer has a presence in Canada (See Note 15). The geographic distribution of the Company’s net sales and long-lived assets are as follows: (In thousands) 201 6 2015 2014 Net S ales (a): United States $ 322,196 $ 307,816 $ 298,089 Canada — 41 1,374 Total Net Sales $ 322,196 $ 307,857 $ 299,463 June 30, June 30, June 30, 201 6 2015 2014 Long-L ived A ssets (b): United States $ 51,723 $ 46,430 $ 47,125 Canada — — 190 Total Long-Lived Assets $ 51,723 $ 46,430 $ 47,315 a. Net sales are attributed to geographic areas based upon the location of the operation making the sale. b. Long-lived assets include property, plant and equipment, and other long term assets. Goodwill and intangible assets are not included in long-lived assets. |
Note 3 - Earnings Per Common Sh
Note 3 - Earnings Per Common Share | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3 — EARNINGS PER COMMON SHARE The following table presents the amounts used to compute basic and diluted earnings per common share, as well as the effect of dilutive potential common shares on weighted average shares outstanding (in thousands, except per share data): (In thousands, except per share data) 201 6 2015 2014 BASIC EARNINGS PER SHARE Net income $ 9,482 $ 5,151 $ 930 Weighted average shares outstanding during the period, net of treasury shares (a) 24,720 24,187 24,084 Weighted restricted stock units outstanding during the period 24 — — Weighted average shares outstanding in the Deferred Compensation Plan during the period 244 309 304 Weighted average shares outstanding 24,988 24,496 24,388 Basic earnings per share $ 0.38 $ 0.21 $ 0.04 DILUTED EARNINGS PER SHARE Net income $ 9,482 $ 5,151 $ 930 Weighted average shares outstanding Basic 24,988 24,496 24,388 Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 604 142 158 Weighted average shares outstanding (c) 25,592 24,638 24,546 Diluted earnings per share $ 0.37 $ 0.21 $ 0.04 (a) Includes shares accounted for like treasury stock. (b) Calculated using the “Treasury Stock” method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period. (c) Options to purchase 1,331,3 00 common shares, 1,882,722 common shares, and 1,974,775 common shares at June 30, 2016, 2015, and 2014, respectively, were not included in the computation of diluted earnings per share because the exercise price was greater than the average fair market value of the common shares. |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 — INVENTORIES The following information is provided as of the dates indicated: June 30, June 30, (In thousands) 201 6 2015 Inventories: Raw materials $ 28,979 $ 27,920 Work-in-process 4,418 4,658 Finished goods 10,744 10,505 Total Inventories $ 44,141 $ 43,083 |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 5 — A CCRUED EXPENSES The following information is provided as of the dates indicated: June 30, June 30, (In thousands) 201 6 2015 Accrued Expenses: Compensation and benefits $ 11,983 $ 11,614 Customer prepayments 1,053 1,324 Accrued sales commissions 2,792 1,982 Accrued warranty 5,069 3,408 Other accrued expenses 4,444 3,798 Total Accrued Expenses $ 25,341 $ 22,126 |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 6 — GOODWILL AND OTHER INTANGIBLE ASSETS Carrying values of goodwill and other intangible assets with indefinite lives are reviewed at least annually for possible impairment. The Company may first assess qualitative factors in order to determine if goodwill and indefinite-lived intangible assets are impaired. If through the qualitative assessment it is determined that it is more likely than not that goodwill and indefinite-lived assets are not impaired, no further testing is required. If it is determined more likely than not that goodwill and indefinite-lived assets are impaired, or if the Company elects not to first assess qualitative factors, the Company’s impairment testing continues with the estimation of the fair value of goodwill and indefinite-lived intangible assets using a combination of a market approach and an income (discounted cash flow) approach, at the reporting unit level, that requires significant management judgment with respect to revenue and expense growth rates, changes in working capital and the selection and use of an appropriate discount rate. The estimates of fair value of reporting units are based on the best information available as of the date of the assessment. The use of different assumptions would increase or decrease estimated discounted future operating cash flows and could increase or decrease an impairment charge. Company management uses its judgment in assessing whether assets may have become impaired between annual impairment tests. Indicators such as adverse business conditions, economic factors and technological change or competitive activities may signal that an asset has become impaired. The Company identified its reporting units in conjunction with its annual goodwill impairment testing. The Company relies upon a number of factors, judgments and estimates when conducting its impairment testing. These include operating results, forecasts, anticipated future cash flows and marketplace data, to name a few. There are inherent uncertainties related to these factors and judgments in applying them to the analysis of goodwill impairment. As of March 1, 2016, the Company performed its annual goodwill impairment test on the three reporting units that contain goodwill. The goodwill impairment test in the Lighting Segment passed with a business enterprise value that was $89.0 million or 112% above the carrying value of this reporting unit including goodwill. The goodwill impairment test of the one reporting unit with goodwill in the Graphics Segment passed with an estimated business enterprise value that was $1.7 million or 183% above the carrying value of the reporting unit including goodwill. The goodwill impairment test of the reporting unit in the Technology Segment that contains goodwill passed with an estimated business enterprise value that was $15.4 million or 59% above the carrying value of this reporting unit including goodwill. The Company has performed an assessment of goodwill from the date of the annual test through the balance sheet date for possible triggering events and has concluded that there were no triggering events that would indicate the assets are impaired. As of March 1, 2015, the Company performed its annual goodwill impairment test on the three reporting units that contain goodwill. The goodwill impairment test in the Lighting Segment passed with a business enterprise value that was $36.2 million or 45% above the carrying value of this reporting unit. The goodwill impairment test of a reporting unit with goodwill in the Graphics Segment passed with an estimated business enterprise value that was $4.0 million or 344% above the carrying value of the reporting unit. As part of the Company realigning its business segments discussed in Note 2, the goodwill that was previously reported in the All Other Category is now reported in the Graphics Segment. The goodwill impairment test of the reporting unit in the Technology Segment that contains goodwill passed with an estimated business enterprise value that was $14.9 million or 58% above the carrying value of this reporting unit. The following table presents information about the Company's goodwill on the dates or for the periods indicated . Goodwill (In thousands) Lighting Graphics Technology All Other Segment Segment Segment Category Total Balance as of June 30, 2016 Goodwill $ 34,913 $ 28,690 $ 11,621 $ -- $ 75,224 Accumulated impairment losses (34,778 ) (27,525 ) (2,413 ) -- (64,716 ) Goodwill, net as of June 30, 2016 $ 135 $ 1,165 $ 9,208 $ -- $ 10,508 Balance as of June 30, 2015 Goodwill $ 34,913 $ 28,690 $ 11,621 $ -- $ 75,224 Accumulated impairment losses (34,778 ) (27,525 ) (2,413 ) -- (64,716 ) Goodwill, net as of June 30, 2015 $ 135 $ 1,165 $ 9,208 $ -- $ 10,508 As of June 30, 2014, the Company performed an impairment test on two definite-lived intangible assets at the LSI Controls reporting unit (formerly LSI Virticus) in the Technology Segment. The triggering event for this impairment analysis was the shortfall in lighting control sales relative to forecast. The income (discounted cash flow) approach was used to determine the fair market value of the intangible assets. As a result of the analysis, it was determined that two definite-lived intangible assets were fully impaired, totaling $805,000 of impairment expense in fiscal 2014 . In the first quarter of fiscal 2015, the Company sold LSI Saco Technologies Inc. A customer relationship intangible asset with a gross carrying amount of $1,306,000 and accumulated amortization of $428,000 was sold as a result of the sale of LSI Saco Technologies (See Note 15). As of March 1, 2016, the Company performed its annual review of indefinite-lived intangible assets and determined there was no impairment. The indefinite-lived intangible asset impairment test passed with a fair market value that was $ 8.4 million or 245% above its carrying value. The Company has performed an assessment of its intangible assets from the date of the annual test through the balance sheet date for possible triggering events and has concluded that there were no triggering events that would indicate the assets are impaired. As of March 1, 2015, the Company performed its annual review of indefinite-lived intangible assets and determined there was no impairment. The indefinite-lived intangible asset impairment test passed with a fair market value that was $6.6 million or 192% above its carrying value. The gross carrying amount and accumulated amortization by major other intangible asset class is as follows: June 30, 2016 Other Intangible Assets Gross Carrying Accumulated Net (In thousands) Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 9,316 $ 7,581 $ 1,735 Patents 338 154 184 LED technology firmware, software 11,228 10,989 239 Trade name 460 460 — Non-compete agreements 710 704 6 Total Amortized Intangible Assets 22,052 19,888 2,164 Indefinite-lived Intangible Assets Trademarks and trade names 3,422 — 3,422 Total Indefinite-lived Intangible Assets 3,422 — 3,422 Total Other Intangible Assets $ 25,474 $ 19,888 $ 5,586 June 30, 2015 Other Intangible Assets Gross Carrying Accumulated Net (In thousands) Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 9,316 $ 7,290 $ 2,026 Patents 338 120 218 LED technology firmware, software 11,228 10,910 318 Trade name 460 460 -- Non-compete agreements 710 602 108 Total Amortized Intangible Assets 22,052 19,382 2,670 Indefinite-lived Intangible Assets Trademarks and trade names 3,422 -- 3,422 Total Indefinite-lived Intangible Assets 3,422 -- 3,422 Total Other Intangible Assets $ 25,474 $ 19,382 $ 6,092 Amortization Expense of Other Intangible Assets (In thousands) 2016 2015 2014 Amortization Expense $ 506 $ 527 $ 815 The Company expects to record amortization expense as follows: (In thousands) 2017 $ 409 2018 $ 400 2019 $ 400 2020 $ 327 2021 $ 321 After 2021 $ 307 |
Note 7 - Revolving Lines of Cre
Note 7 - Revolving Lines of Credit and Long-term Debt | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 — REVOLVING LINES OF CREDIT AND LONG-TERM DEBT In March 2016, the Company renewed its $30 million unsecured revolving credit line . The line of credit expires in the third quarter of fiscal 2019 . Interest on the revolving line of credit is charged based upon an increment over the LIBOR rate as periodically determined, or at the bank’s base lending rate, at the Company’s option. The increment over the LIBOR borrowing rate, as periodically determined, fluctuates between 150 and 190 basis points depending upon the ratio of indebtedness to earnings before interest, taxes, depreciation and amortization (“EBITDA”), as defined in the credit facility. The fee on the unused balance of the $30 million committed line of credit is 12.5 basis points. Under the terms of this credit facility, the Company has agreed to a negative pledge of assets and is required to comply with financial covenants that limit the amount of debt obligations, require a minimum amount of tangible net worth, and limit the ratio of indebtedness to EBITDA. As of June 30, 2016, $0.7 million of the $30 million line of credit was reserved for two letters of credit with a foreign supplier. The Company is in compliance with all of its loan covenants as of June 30, 2016 . |
Note 8 - Cash Dividends
Note 8 - Cash Dividends | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 8 — CASH DIVIDENDS The Company paid cash dividends of $4,214,000 , $2,900 ,000 and $5,780 ,000 in fiscal years 2016 , 2015 and 2014, respectively. Dividends on restricted stock units in the amount of $10,625 were accrued as of June 30, 2016. These dividends will be paid upon the vesting of the restricted stock units when shares are issued to the award recipients. In August 2016, the Board of Directors declared a regular quarterly cash dividend of $0.05 per share payable September 7, 2016 to shareholders of record August 29, 2016. |
Note 9 - Equity Compensation
Note 9 - Equity Compensation | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 9 — EQUITY COMPENSATION Stock Options The Company has an equity compensation plan that was approved by shareholders in November 2012 and that covers all of its full-time employees, outside directors and certain advisors. This 2012 Stock Incentive Plan replaced all previous equity compensation plans. The options granted and stock awards made pursuant to this plan are granted at fair market value at the date of grant or award. Service-based options granted to non-employee directors become exercisable 25% every ninety days (cumulative) from the date of grant and options granted to employees generally become exercisable 25% per year (cumulative) beginning one year after the date of grant. Performance-based options granted to employees become exercisable 33.3% per year (cumulative) beginning one year after the date of grant. The maximum contractual term of the Company’s stock options is ten years. If a stock option holder’s employment with the Company terminates by reason of death, disability or retirement, as defined in the Plan, the Plan generally provides for acceleration of vesting. The number of shares reserved for issuance is 1,612,095 shares, all of which were available for future grant or award as of June 30, 2016 . This plan allows for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted and unrestricted stock awards, performance stock awards, and other stock awards. Service based and performance based stock options were granted and restricted stock units (“RSUs”) were awarded in fiscal 2016. As of June 30, 2016, a total of 2,976,490 options for common shares were outstanding from this plan as well as one previous stock option plan (which has also been approved by shareholders), and of these, a total of 1,312,985 options for common shares were vested and exercisable. As of June 30, 2016, the approximate unvested stock option expense that will be recorded as expense in future periods is $2,458,925 . The weighted average time over which this expense will be recorded is approximately 27 months. Additionally, as of June 30, 2016 a total of 62,500 RSUs were outstanding. The approximate unvested stock compensation expense that will be recorded as expense in future periods for the RSUs is $234,320. The weighted average time over which this expense will be recorded is approximately 32 months. The fair value of each option on the date of grant was estimated using the Black-Scholes option pricing model. The below listed weighted average assumptions were used for grants in the periods indicated. 2016 2015 2014 Dividend yield 1.3 % 1.1 % 3.3 % Expected volatility 44 % 55 % 53 % Risk-free interest rate 1.7 % 1.6 % 1.7 % Expected life (in years) 6.0 6.0 5.5 At June 30, 2016, the 1,026,800 options granted during fiscal 2016 to both employees and non-employee directors had exercise prices ranging from $8.84 to $11.87 per share, fair values ranging from $3.28 to $4.52 per share, and remaining contractual lives of between nine years and nine years, eight months. At June 30, 2015, the 734,323 options granted to employees during fiscal 2015 had exercise prices ranging from $5.96 to $8.23 per share, fair values ranging from $2.19 to $3.89 per share, and remaining contractual lives of between nine years five months and nine years nine months. At June 30, 2014, the 436,000 options granted to employees during fiscal 2014 had exercise prices ranging from of $7.20 to $8.44 per share, fair values ranging from $2.64 to $3.64 per share, and remaining contractual lives of between nine years two months and nine years six months. . The Company calculates stock option expense using the Black-Scholes model. Stock option expense is recorded on a straight line basis, or sooner if the grantee is retirement eligible as defined in the 2012 Stock Incentive Plan, with an estimated 3.3% forfeiture rate effective April 1, 2016. Previous estimated forfeiture rates were between 2.0% and 3.3% over the period January 1, 2013 through March 31, 2016. The expected volatility of the Company’s stock was calculated based upon the historic monthly fluctuation in stock price for a period approximating the expected life of option grants. The risk-free interest rate is the rate of a five year Treasury security at constant, fixed maturity on the approximate date of the stock option grant. The expected life of outstanding options is determined to be less than the contractual term for a period equal to the aggregate group of option holders’ estimated weighted average time within which options will be exercised. It is the Company’s policy that when stock options are exercised, new common shares shall be issued. The Company recorded $2,519,092, $1,238,897 and $1,004,676 of expense related to stock options in fiscal years 2016, 2015 and 2014, respectively. As of June 30, 2016, the Company had 2,939,224 stock options that were vested and that were expected to vest, with a weighted average exercise price of $8.98 per share, an aggregate intrinsic value of $8,246,362 and weighted average remaining contractual terms of 6.5 years. Information related to all stock options for the years ended June 30, 2016, 2015 and 2014 is shown in the following tables: Twelve Months Ended June 30, 2016 Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Term (in years) Value Outstanding at 6/30/15 2,677,436 $ 8.85 6.1 $ 4,914,601 Granted 1,026,800 $ 9.39 Forfeitures (165,800 ) $ 15.15 Exercised (561,946 ) $ 7.34 Outstanding at 6/30/16 2,976,490 $ 8.97 6.6 $ 8,338,974 Exercisable at 6/30/16 1,312,985 $ 9.75 4.0 $ 3,819,127 Twelve Months Ended June 30, 2015 Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Term (in years) Value Outstanding at 6/30/14 2,677,464 $ 9.57 5.4 $ 1,674,010 Granted 734,323 $ 6.83 Forfeitures (571,275 ) $ 10.26 Exercised (163,076 ) $ 6.70 Outstanding at 6/30/15 2,677,436 $ 8.85 6.1 $ 4,914,601 Exercisable at 6/30/15 1,597,238 $ 10.18 4.3 $ 2,250,093 Twelve Months Ended June 30, 2014 Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Term (in years) Value Outstanding at 6/30/13 2,341,150 $ 9.95 5.6 $ 1,544,896 Granted 436,000 $ 7.24 Forfeitures (39,050 ) $ 11.59 Exercised (60,636 ) $ 6.22 Outstanding at 6/30/14 2,677,464 $ 9.57 5.4 $ 1,674,010 Exercisable at 6/30/14 1,874,326 $ 10.74 4.0 $ 750,925 The following table presents information related to unvested stock options: Shares Weighted-Average Grant Date Fair Value Unvested at June 30, 2015 1,080,198 $ 2.99 Granted 1,026,800 $ 3.64 Vested (395,693 ) $ 2.95 Forfeited (47,800 ) $ 3.30 Unvested at June 30, 2016 1,663,505 $ 3.39 The weighted average grant date fair value of options granted was $3.64, $3.27 and $2.67 per share in fiscal years 2016, 2015 and 2014, respectively. The aggregate intrinsic value of options exercised during the years ended June 30, 2016, 2015 and 2014 were $1,695,213, $212,106 and $142,715, respectively. The aggregate grant date fair value of options that vested during 2016, 2015 and 2014 was $1,168,192, $822,827 and $777,825, respectively. The Company received $4,124,047, $1,092,002 and $377,401 of cash from employees and former employees or beneficiaries who exercised options in fiscal years 2016, 2015 and 2014, respectively. Additionally, in fiscal 2016 the Company recorded $595,483 as a reduction of federal income taxes payable, $102,010 as a reduction in common stock, $141,349 as a reduction of income tax expense, and $556,144 as a reduction of the deferred tax asset related to the exercises of stock options in which the employees sold the common shares prior to the passage of twelve months from the date of exercise. In fiscal 2015 the Company recorded $71,643 as a reduction of federal income taxes payable, $242,385 as a reduction in common stock, $30,149 as a reduction of income tax expense, and $283,888 as a reduction of the deferred tax asset related to the exercises of stock options in which the employees sold the common shares prior to the passage of twelve months from the date of exercise. Restricted Stock Units A total of 72,000 RSUs with a weighted average fair value of $9.39 per share were awarded to employees during the twelve months ended June 30, 2016. The Company determined the fair value of the awards based on the closing price of the Company’s common stock on the date the RSUs were awarded. The RSUs have a four year ratable vesting period. The RSUs are non-voting, but accrue cash dividends at the same per share rate as those cash dividends declared and paid on LSI’s common stock. Dividends on RSUs in the amount of $10,625 were accrued as of June 30, 2016. Accrued dividends are paid to the award recipient upon vesting of the RSUs and issuance of the common shares. Of the 72,000 RSUs awarded, 5,000 common shares were issued and 4,500 RSUs were forfeited during fiscal year 2016. As of June 30, 2016, the 62,500 restricted stock units outstanding had a remaining contractual life of three years. Of the 62,500 RSUs outstanding as of June 30, 2016, 60,794 are expected to vest in the future. An estimated forfeiture date of 3.3% was used in the calculation of expense related to the restricted stock units. The Company recorded $383,483 of expense related to RSUs during fiscal year 2016. The Company awarded no RSUs prior to July 1, 2015. Director and Employee Stock Compensation Awards The Company awarded a total of 23,838 common shares in fiscal 2016, a total of 26,850 common shares in fiscal 2015, and a total of 23,205 common shares in fiscal 2014 as stock compensation awards. These common shares were valued at their approximate $248,000, $191,000 and $192,100 fair market values based on their stock price at dates of issuance multiplied by the number of common shares awarded, respectively, pursuant to the compensation programs for non-employee directors who receive a portion of their compensation as an award of Company stock and for employees who receive a nominal recognition award in the form of common stock. Stock compensation awards are made in the form of newly issued common shares of the Company. Deferred Compensation Plan The Company has a nonqualified deferred compensation plan providing for both Company contributions and participant deferrals of compensation. This plan is fully funded in a Rabbi Trust. All plan investments are in common shares of the Company. As of June 30, 2016 there were 28 participants, all with fully vested account balances. A total of 228,1 00 common shares with a cost of $2,167,700, and 226,600 common shares with a cost of $2,145,100 were held in the plan as of June 30, 2016 and 2015, respectively, and, accordingly, have been recorded as treasury shares. The change in the number of shares held by this plan is the net result of share purchases and sales on the open stock market for compensation deferred into the plan and for distributions to terminated employees. The Company does not issue new common shares for purposes of the nonqualified deferred compensation plan. The Company used approximately $363,400 and $205,600 to purchase 36,685 and 27,902 common shares of the Company in the open stock market during fiscal years 2016 and 2015, respectively, for either employee salary deferrals or Company contributions into the nonqualified deferred compensation plan. For fiscal year 2017, the Company estimates the Rabbi Trust for the Nonqualified Deferred Compensation Plan will make net repurchases in the range of 35,000 to 39,000 common shares of the Company. The Company does not currently repurchase its own common shares for any other purpose. |
Note 10 - Leases and Purchase C
Note 10 - Leases and Purchase Commitments | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 1 0 — LEASES AND PURCHASE COMMITMENTS Purchase commitments, including minimum annual rental commitments, of the Company totaled $20,824,000 and $23,942,000 as of June 30, 2016 and June 30, 2015, respectively. The Company leases certain of its facilities and equipment under operating lease arrangements. The facility leases contain the option to renew for periods ranging from one to five years. Rental expense was $2,027,000 in 2016, $1 ,876,000 in 2015, and $1,783,000 in 2014. Minimum annual rental commitments under non-cancelable operating leases are indicated in the table below: 2017 2018 2019 2020 2021 2022 & Beyond $ 1,285,000 $ 1,046,000 $ 255,000 $ 36,000 $ 5,000 -- |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 1 1 — INCOME TAXES The following information is provided for the years ended June 30: (In thousands) 201 6 2015 2014 Components of income before income taxes : United States $ 14,004 $ 7,697 $ 3,121 Foreign — (183 ) (854 ) Income before income taxes $ 14,004 $ 7,514 $ 2,267 Provision for income taxes: Current U.S. federal $ 5,056 $ 2,364 $ 500 State and local 582 237 35 Foreign — (12 ) (54 ) Total current 5,638 2,589 481 Deferred (1,116 ) (226 ) 856 Total provision for income taxes $ 4,522 $ 2,363 $ 1,337 (In thousands) 201 6 2015 2014 Reconciliation to federal statutory rate: Federal statutory tax rate 35.0 % 34.0 % 34.0 % State and local taxes, net of federal benefit 2.2 2.4 6.9 Impact of foreign operations 0.0 0.7 1.2 Federal and state tax credits (2.6 ) (3.7 ) (6.3 ) Goodwill — — 0.1 Valuation allowance — (3.8 ) 30.8 Domestic production activities deduction (4.2 ) (4.0 ) (2.8 ) Uncertain tax position activity (0.6 ) (1.3 ) (11.3 ) Other 2.5 2.1 6.4 Sale of subsidiary — 5.0 — Effective tax rate 32.3 % 31.4 % 59.0 % The components of deferred income tax assets and (liabilities) at June 30, 2016 and 2015 are as follows: (In thousands) 201 6 2015 Reserves against current assets $ 679 $ 273 Accrued expenses 3,690 2,881 Goodwill, acquisition costs and intangible assets — 255 Deferred compensation 842 791 Stock-based Compensation 1,473 1,213 State net operating loss carryover and credits 1,878 1,889 Long term capital loss carryforward 4,272 4,272 U.S. Federal net operating loss carryover and credits 456 506 Deferred income tax asset before valuation reserve 13,290 12,080 Valuation reserve (6,150 ) (6,161 ) Deferred income tax asset 7,140 5,919 Depreciation (4,270 ) (4,454 ) Goodwill, acquisition costs and intangible assets (289 ) — Deferred income tax liability (4,559 ) (4,454 ) Net deferred income tax asset $ 2,581 $ 1,465 As of June 30, 2016 and 2015, the Company has recorded a deferred tax asset in the amount of $456,000 and $506 ,000, respectively, related to U.S. Federal net operating loss and research and development credit carryovers acquired in the acquisition of Virticus Corporation. The net operating losses will expire over a period of 3 years, beginning in June 30, 2029. The research and development credits will expire over a period of 2 years, beginning in June 30, 2029. The annual utilization is limited by Internal Revenue Code Section 382. However, the Company has determined these assets, more likely than not, will be realized. As of June 30, 2016 and 2015, the Company has recorded a deferred state income tax asset in the amount of $1,716,000, net of federal tax benefits, related to non-refundable New York state tax credits. These credits do not expire, but pursuant to New York state legislation enacted in fiscal 2014, the Company has determined that this asset, more likely than not, will not be realized. As of June 30, 2016 and 2015, the Company has recorded a full valuation reserve in the amount of $1,716,000. There was no change in the deferred state income tax asset or related valuation reserve in fiscal 2016. The Company recorded a $6,000 deferred state income tax benefit in fiscal year 2015, and additional deferred state income tax expense of $489,000 (of which $362,000 related to the state tax code change), in fiscal year 2014. As of June 30, 2016 and 2015, the Company has recorded a deferred state income tax asset in the amount of $162,000 and $173,000, respectively, related to a state net operating loss carryover and a state research and development credit in Oregon acquired during the acquisition of Virticus Corporation. The Company has determined this asset more likely than not, will not be realized and that a full valuation reserve is required. The Oregon net operating loss will expire over a period of 4 years, beginning in June 30, 2027. Related to the Oregon research and development credit, $11,000 expired during fiscal 2016 and the remaining balance of $25,000 will expire during fiscal 2017 . During fiscal 2015, the Company recorded deferred tax assets related to the sale of its Canadian subsidiary related to a long term capital loss carryforward totaling $4,272,000. The Company has determined that this asset, more likely than not, will not be realized within the 5 year carryforward period and that a full valuation reserve is required. The long term capital loss carryforward will expire in June 30, 2020. Considering all issues discussed above, the Company has recorded valuation reserves of $6,150,000 and $6,161,000 as of June 30, 2016 and 2015, respectively. The Company accounts for uncertain tax positions in accordance with accounting standards . At June 30, 2016, tax , interest, and penalties, net of potential federal tax benefits, were $421 ,000, $244,000, and $142,000, respectively, of the total reserve for uncertain tax positions of $807,000. Of the $807,000 reserve for uncertain tax positions, $665,000 would have an unfavorable impact on the effective tax rate if recognized. At June 30, 2015, tax , interest, and penalties, net of potential federal tax benefits, were $447 ,000, $292 ,000, and $152,000 respectively, of the total reserve for uncertain tax positions of $891 ,000. Of the $891,000 reserve for uncertain tax positions, $739 ,000 would have an unfavorable impact on the effective tax rate if recognized. The liability for uncertain tax positions is included in Other Long-Term Liabilities. The Company recognized a $26 ,000 net tax benefit in fiscal 2016, a $40 ,000 net tax benefit in fiscal 2015, and a $147 ,000 net tax benefit in fiscal 2014 related to the change in reserves for uncertain tax positions. The Company recognized interest net of federal benefit and penalties of $48,000 and $10,000, respectively, in fiscal 2016, $41,000 and $17,000, respectively, in fiscal 2015, and $62,000 and $50,000, respectively in fiscal 2014. The Company is recording estimated interest and penalties related to potential underpayment of income taxes as a component of tax expense in the Consolidated Statements of Operations. The reserve for uncertain tax positions is not expected to change significantly in the next twelve months. The fiscal 2016, 2015 and 2014 gross tax activity in the liability for uncertain tax positions was as follows: (in thousands) 201 6 2015 2014 Balance at beginning of the fiscal year $ 687 $ 746 $ 969 Decreases — tax positions in prior period (161 ) (134 ) (225 ) Increases — tax positions in current period 122 75 2 Settlements and payments — — — Lapse of statute of limitations — — — Balance at end of the fiscal year $ 648 $ 687 $ 746 The Company files a consolidated federal income tax return in the United States, and files various combined and separate tax returns in several state and local jurisdictions. With limited exceptions, the Company is no longer subject to U.S. Federal, state and local tax examinations by tax authorities for fiscal years ending prior to June 30, 2013 . |
Note 12 - Supplemental Cash Flo
Note 12 - Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 12 — SUPPLEMENTAL CASH FLOW INFORMATION (In thousands) 201 6 2015 2014 Cash payments for: Interest $ 50 $ 48 $ 76 Income taxes $ 5,079 $ 1,078 $ 978 Issuance of common shares as compensation $ 248 $ 191 $ 193 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 3 — COMMITMENTS AND CONTINGENCIES As part of the acquisition of Virticus Corporation in March 2012, a contingent earn-out liability of $877,000 was recorded based on the fair value of estimated earn-out payments. This discounted liability was to be paid over a five year period, contingent upon reaching certain sales in each year over the five year period (fiscal year 2013 through fiscal year 2017). In fiscal 2013, as a result of modified sales forecasts for LSI Virticus, the fair value of the earn-out liability was adjusted to zero. As of June 30, 2016, the maximum potential undiscounted liability related to the earn-out is $236,000, which is based upon the achievement of a defined level of sales of lighting control systems in fiscal year 2017. The likelihood of this occurring is not considered probable. The Company is party to various negotiations, customer bankruptcies, and legal proceedings arising in the normal course of business. The Company provides reserves for these matters when a loss is probable and reasonably estimable. The Company does not disclose a range of potential loss because the likelihood of such a loss is remote. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, cash flows or liquidity. The Company may occasionally issue a standby letter of credit in favor of third parties. As of June 30, 2016, there was an irrevocable letter of credit totaling $0.4 million and a standby letter of credit totaling $0.3 million, both to a foreign supplier related to the purchase of inventory. |
Note 14 - Severance Costs
Note 14 - Severance Costs | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 14 – SEVERANCE COSTS Pursuant to a management succession agreement entered into in fiscal 2004 as subsequently amended, the Company’s former Chief Executive Officer, Robert J. Ready, relinquished this title and related management responsibilities when the Company hired and appointed a new Chief Executive Officer in October 2014. Mr. Ready remained on the Company’s Board of Directors until his death in March 2015, but was no longer Chairman of the Board following the November 2014 Annual Meeting of Shareholders. The management succession agreement provided for 18 months of compensation to be paid to Mr. Ready, which resulted in a severance charge in the second quarter of fiscal 2015 of $800,000. Severance payments totaling $224,000 were made in the second and third quarters of fiscal 2015. The remaining $576,000 severance liability was recognized as income when Mr. Ready died in March 2015. Pursuant to the management succession agreement a $1 million self-insured death benefit was paid to Mr. Ready’s beneficiary in the fourth quarter of fiscal 2015. In January 2015, the Company initiated a reduction in force and recorded severance charges of $340,000 and facility exit charges of $21,200 in the third quarter of fiscal 2015. This reduction in force and employee retirements that occurred early in the third quarter of fiscal 2015 represented approximately 8.3% of the Company’s total salaried workforce and approximately $3.7 million of annual total compensation and benefits reductions. The company recorded severance charges of $469,000 in fiscal 2016 in the Graphics Segment. The activity in the Company’s Accrued Severance Liability was as follows for the twelve months ended June 30, 2016 and 2015: Fiscal Fiscal Year Ended Year Ended (In thousands) June 30 , June 30, 2016 2015 Balance at beginning of the period $ 379 $ -- Accrual of expense 469 1,718 Payments (742 ) (704 ) Adjustments (67 ) (635 ) Balance at end of the period $ 39 $ 379 |
Note 15 - Sale of Subsidiary
Note 15 - Sale of Subsidiary | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 1 5 — SALE OF SUBSIDIARY On September 30, 2014, the Company sold the stock of its wholly owned subsidiary LSI Saco Technologies Inc., located in Montreal, Canada, for $1.9 million cash. The sale resulted in a pre-tax loss of $565,000. As a result of the sale, the Company terminated the $5 million unsecured revolving line of credit for this Canadian operation. LSI Saco reported $41,000 of net customer sales and a $(183,000) operating loss in the first quarter of fiscal 2015 prior to the sale. LSI Saco was reported in the All Other Category. The sale of LSI Saco was not considered the sale of a discontinued operation because the Company migrated most of its manufacturing, research and development, and selling activities from LSI Saco to the Company’s Cincinnati, Ohio location. |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 1 6 — RELATED PARTY TRANSACTIONS The Company has recorded expense for the following related party transactions in the fiscal years indicated (amounts in thousands): 201 6 2015 2014 Keating Muething & Klekamp PLL $ 207 $ 500 $ 98 American Engineering and Metal Working $ 522 $ 300 $ 215 3970957 Canada Inc. $ — $ 42 $ 161 Synergy Electronic LTD $ — $ 7 $ 171 As of the balance sheet date indicated, the Company had the following liabilities recorded with respect to related party transactions (amounts in thousands): June 30, June 30, 2016 2015 Keating Muething & Klekamp PLL $ 12 $ 35 American Engineering and Metal Working $ 6 $ 1 The Company has recognized revenue related to the following related party transactions in the fiscal years indicated (amount in thousands): 201 6 2015 2014 Wesco International $ 2,450 $ 2,726 $ 5,444 American Engineering and Metalworking $ 27 $ 4 $ 7 As of the balance sheet date indicated, the Company had the following accounts receivable recorded with respect to related party transactions (amounts in thousands): June 30, June 30, 2016 2015 Wesco International $ 57 $ 262 The law firm of Keating Muething & Klekamp PLL, of which the son of one of the Company’s independent outside directors is a partner, is the Company’s primary outside law firm providing legal services in most all areas required other than patents and intellectual property. The manufacturing firm of American Engineering and Metal Working, which is owned and operated by the son of the former president of the Company’s Graphics Segment, provides metal fabricated components. 3970957 Canada Inc., which is owned by the former president and another executive of the Company’s former LSI Saco Technologies subsidiary, owns the building that the former Canadian operation occupied and rented . Synergy Electronic LTD, which is owned and operated by the brother of an executive at the Company’s former LSI Saco Technologies, manufactures molds and materials used in video screens and research and development projects. Wesco International, of which one of the Company’s independent outside directors is a director, purchases lighting fixtures from the Company. |
Note 17 - Summary of Quarterly
Note 17 - Summary of Quarterly Results (Unaudited) | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 1 7 — SUMMARY OF QUARTERLY RESULTS (UNAUDITED) Quarter Ended Fiscal (In thousands except per share data) Sept. 30 Dec. 31 March 31 June 30 Year 201 6 Net sales $ 85,925 $ 84,687 $ 70,740 $ 80,844 $ 322,196 Gross profit 23,349 23,926 16,549 19,847 83,671 Net income 3,750 3,782 522 1,428 9,482 Earnings per share Basic $ 0.15 $ 0.15 $ 0.02 $ 0.06 $ 0.38 Diluted $ 0.15 $ 0.15 $ 0.02 $ 0.06 $ 0.37 (a) Range of share prices High $ 10.48 $ 12.80 $ 12.22 $ 13.45 $ 13.45 Low $ 8.33 $ 7.89 $ 9.85 $ 10.29 $ 7.89 201 5 Net sales $ 78,466 $ 84,715 $ 68,603 $ 76,073 $ 307,857 Gross profit 18,608 20,555 16,305 18,981 74,449 Net income 1,527 1,588 393 1,643 5,151 Earnings per share Basic $ 0.06 $ 0.06 $ 0.02 $ 0.07 $ 0.21 Diluted $ 0.06 $ 0.06 $ 0.02 $ 0.07 $ 0.21 Range of share prices High $ 8.49 $ 7.70 $ 9.17 $ 10.24 $ 10.24 Low $ 6.00 $ 5.61 $ 5.84 $ 8.02 $ 5.61 201 4 Net sales $ 80,486 $ 76,123 $ 68,996 $ 73,858 $ 299,463 Gross profit 19,122 16,757 13,715 15,704 65,298 Net income (loss) 1,865 870 (1,009 ) (796 ) 930 Earnings (loss) per share Basic $ 0.08 $ 0.04 $ (0.04 ) $ (0.03 ) $ 0.04 (a) Diluted $ 0.08 $ 0.04 $ (0.04 ) $ (0.03 ) $ 0.04 (a) Range of share prices High $ 9.00 $ 9.60 $ 9.67 $ 8.78 $ 9.67 Low $ 6.65 $ 7.76 $ 7.54 $ 7.10 $ 6.65 (a) The total of the earnings per share for each of the four quarters does not equal the total earnings per share for the full year because the calculations are based on the average shares outstanding during each of the individual periods. At August 27, 2016, there were 620 shareholders of record. The Company believes this represents approximately 3,000 beneficial shareholders. LSI INDUSTRIES INC. The following data has been selected from the Consolidated Financial Statements of the Company for the periods and dates indicated: Statement of Operations Data: 201 6 2015 2014 2013 2012 Net sales $ 322,196 $ 307,857 $ 299,463 $ 280,790 $ 268,402 Cost of products and services sold 238,525 233,408 234,165 220,380 208,089 Loss on sale of a subsidiary — 565 — — — Gain (loss) on sale of a building — (343 ) — — — Selling and administrative expenses 69,715 66,694 62,175 57,367 53,724 Goodwill and intangible asset impairment — — 805 2,413 258 Operating income 13,956 7,533 2,318 630 6,331 Interest (income) (84 ) (26 ) (17 ) (47 ) (25 ) Interest expense 36 45 68 62 165 Income before income taxes 14,004 7,514 2,267 615 6,191 Income taxes 4,522 2,363 1,337 738 2,967 Net income (loss) $ 9,482 $ 5,151 $ 930 $ (123 ) $ 3,224 Earnings (loss) per common share Basic $ 0.38 $ 0.21 $ 0.04 $ (0.01 ) $ 0.13 Diluted $ 0.37 $ 0.21 $ 0.04 $ (0.01 ) $ 0.13 Cash dividends paid per share $ 0.17 $ 0.12 $ 0.24 $ 0.36 $ 0.23 Weighted average common shares Basic 24,988 24,496 24,388 24,313 24,298 Diluted 25,592 24,638 24,546 24,313 24,352 Balance Sheet Data: (At June 30) 2016 2015 2014 2013 2012 Working capital $ 88,510 $ 80,813 $ 74,349 $ 74,647 $ 81,834 Total assets 195,560 180,690 168,688 169,179 175,226 Long-term debt, including current maturities — — — — — Shareholders’ equity 155,520 142,952 138,412 141,690 149,368 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F Additions Additions Balance Charged to (Deductions) Balance Beginning Costs and From Company (a) End of Description of Period Expenses Acquired (Sold) Deductions Period Allowance for Doubtful Accounts: Year Ended June 30, 2016 $ 317 $ 55 $ — $ (146 ) $ 226 Year Ended June 30, 2015 $ 294 $ 220 $ — $ (197 ) $ 317 Year Ended June 30, 2014 $ 346 $ 6 $ — $ (58 ) $ 294 Inventory Obsolescence Reserve: Year Ended June 30, 2016 $ 2,197 $ 1,726 $ — $ (1,529 ) $ 2,394 Year Ended June 30, 2015 $ 2,298 $ 1,493 $ (417 ) $ (1,177 ) $ 2,197 Year Ended June 30, 2014 $ 3,087 $ 1,464 $ — $ (2,253 ) $ 2,298 Deferred Tax Asset Valuation Reserve: Year Ended June 30, 2016 $ 6,161 $ — $ — $ (11 ) $ 6,150 Year Ended June 30, 2015 $ 6,450 $ — $ (283 ) $ (6 ) $ 6,161 Year Ended June 30, 2014 $ 5,750 $ 700 $ — $ — $ 6,450 (a) For Allowance for Doubtful Accounts, deductions are uncollectible accounts charged off, less recoveries. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation: The consolidated financial statements include the accounts of LSI Industries Inc. (an Ohio corporation) and its subsidiaries (collectively, the “Company”), all of which are wholly owned. All intercompany transactions and balances have been eliminated in consolidation. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: Revenue is recognized when title to goods and risk of loss have passed to the customer, there is persuasive evidence of a purchase arrangement, delivery has occurred or services have been rendered, and collectability is reasonably assured. Revenue is typically recognized at time of shipment. In certain arrangements with customers, as is the case with the sale of some of our solid-state LED (light emitting diode) video screens, revenue is recognized upon customer acceptance of the video screen at the job site. Sales are recorded net of estimated returns, rebates and discounts. Amounts received from customers prior to the recognition of revenue are accounted for as customer pre-payments and are included in accrued expenses. The Company has five sources of revenue: revenue from product sales; revenue from installation of products; service revenue generated from providing integrated design, project and construction management, site engineering and site permitting; revenue from the management of media content and digital hardware related to active digital signage; and revenue from shipping and handling. Product revenue is recognized on product-only orders upon passing of title and risk of loss, generally at time of shipment. However, product revenue related to orders where the customer requires the Company to install the product is recognized when the product is installed. The Company provides product warranties and certain post-shipment service, support and maintenance of certain solid state LED video screens. Installation revenue is recognized when the products have been fully installed. The Company is not always responsible for installation of products it sells and has no post-installation responsibilities, other than normal warranties. Service revenue from integrated design, project and construction management, and site permitting is recognized when all products at each customer site have been installed. Revenue from the management of media content and digital hardware related to active digital signage is recognized evenly over the service period with the customer. Media content service periods with most customers range from one month to one year. Shipping and handling revenue coincides with the recognition of revenue from sale of the product. In situations where the Company is responsible for re-imaging programs with multiple sites, each site is viewed as a separate unit of accounting and has stand-alone value to the customer. Revenue is recognized upon the Company’s complete performance at the location, which may include a site survey, graphics products, lighting products, and installation of products. The selling price assigned to each site is based upon an agreed upon price between the Company and its customer and reflects the estimated selling price for that site relative to the selling price for sites with similar image requirements. The Company also evaluates the appropriateness of revenue recognition in accordance with the accounting standards on software revenue recognition. Our solid-state LED video screens and active digital signage contain software elements which the Company has determined are incidental. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Credit and Collections: The Company maintains allowances for doubtful accounts receivable for probable estimated losses resulting from either customer disputes or the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in their inability to make the required payments, the Company may be required to record additional allowances or charges against income. The Company determines its allowance for doubtful accounts by first considering all known collectability problems of customers’ accounts, and then applying certain percentages against the various aging categories based on the due date of the remaining receivables. The resulting allowance for doubtful accounts receivable is an estimate based upon the Company’s knowledge of its business and customer base, and historical trends. Receivables deemed uncollectable are written-off against the allowance for doubtful accounts receivable after all collection efforts have been exhausted. The Company also establishes allowances, at the time revenue is recognized, for returns, discounts, pricing and other possible customer deductions. These allowances are based upon historical trends. The following table presents the Company’s net accounts receivable at the dates indicated. (In thousands) June 30, June 30, 2016 2015 Accounts receivable $ 47,201 $ 43,978 Less: Allowance for doubtful accounts (226 ) (317 ) Accounts receivable, net $ 46,975 $ 43,661 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: The cash balance includes cash and cash equivalents which have original maturities of less than three months. Cash and cash equivalents consist primarily of bank deposits and a bank money market account that is stated at cost, which approximates fair value. The Company maintains balances at financial institutions in the United States. In the United States, the FDIC limit for insurance coverage on non-interest bearing accounts is $250,000. As of June 30, 2016 and June 30, 2015, the Company had bank balances of $37,883 ,000 and $28,494,000, respectively, without insurance coverage. |
Inventory, Policy [Policy Text Block] | Inventories and Inventory Reserves: Inventories are stated at the lower of cost or market. Cost of inventories includes the cost of purchased raw materials and components, direct labor, as well as manufacturing overhead which is generally applied to inventory based on direct labor and on material content. Cost is determined on the first-in, first-out basis. The Company maintains an inventory reserve for probable obsolescence of its obsolete and excess inventory. The Company first determines its obsolete inventory reserve by considering specific known obsolete items, and then by applying certain percentages to specific inventory categories based upon inventory turns. The Company uses various tools, in addition to inventory turns, to identify which inventory items have the potential to become obsolete. Judgment is used to establish excess and obsolescence inventory reserves and management adjusts these reserves as more information becomes available about the ultimate disposition of the inventory item. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment and Related Depreciation: Property, plant and equipment are stated at cost. Major additions and betterments are capitalized while maintenance and repairs are expensed. For financial reporting purposes, depreciation is computed on the straight-line method over the estimated useful lives of the assets as follows: Buildings (in years) 28 - 40 Machinery and equipment (in years) 3 - 10 Computer software (in years) 3 - 8 Costs related to the purchase, internal development, and implementation of the Company’s fully integrated enterprise resource planning/business operating software system are either capitalized or expensed. Leasehold improvements are depreciated over the shorter of fifteen years or the remaining term of the lease. The Company sold one of two buildings at its Woonsocket, Rhode Island operation, which is included in the Graphics Segment, in the first quarter of fiscal 2015. The sale of this property was the result of the consolidation of the operations into the remaining facility in order to eliminate redundancies and improve manufacturing efficiencies. The selling price of the building was in excess of its carrying value. The Company recorded $6 ,171 ,000, $5,804 ,000 and $5,411,000 of depreciation expense in the years ended June 30, 2016, 2015 and 2014, respectively. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets: Intangible assets consisting of customer relationships, trade names and trademarks, patents, technology and software, and non-compete agreements are recorded on the Company's balance sheet. The definite-lived intangible assets are being amortized to expense over periods ranging between seven and twenty years. The Company evaluates definite-lived intangible assets for permanent impairment when triggering events are identified. Neither indefinite-lived intangible assets nor the excess of cost over fair value of assets acquired ("goodwill") are amortized, however they are subject to review for impairment. See additional information about goodwill and intangibles in Note 6. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value: The Company has financial instruments consisting primarily of cash and cash equivalents, revolving lines of credit, and on occasion, long-term debt. The fair value of these financial instruments approximates carrying value because of their short-term maturity and/or variable, market-driven interest rates. The Company has no financial instruments with off-balance sheet risk. Fair value measurements of nonfinancial assets and nonfinancial liabilities are primarily used in goodwill and other intangible asset impairment analyses, in the purchase price of acquired companies (if any), and in the valuation of the contingent earn-out. The accounting guidance on fair value measurement was used to measure the fair value of these nonfinancial assets and nonfinancial liabilities. |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties: The Company offers a limited warranty that its products are free from defects in workmanship and materials. The specific terms and conditions vary somewhat by product line, but generally cover defective products returned within one to five years, with some exceptions where the terms extend to 10 years, from the date of shipment. The Company records warranty liabilities to cover the estimated future costs for repair or replacement of defective returned products as well as products that need to be repaired or replaced in the field after installation. The Company calculates its liability for warranty claims by applying estimates to cover unknown claims, as well as estimating the total amount to be incurred for known warranty issues. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Changes in the Company’s warranty liabilities, which are included in accrued expenses in the accompanying consolidated balance sheets, during the periods indicated below were as follows: (In thousands) June 30, 2016 June 30, 2015 Balance at beginning of the period $ 3,408 $ 2,662 Additions charged to expense 5,069 3,185 Deductions for repairs and replacements (3,408 ) (2,439 ) Balance at end of the period $ 5,069 $ 3,408 |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Employee Benefit Plans: The Company has a defined contribution retirement plan and a discretionary profit sharing plan covering substantially all of its non-union employees in the United States, and a nonqualified deferred compensation plan covering certain employees. The costs of employee benefit plans are charged to expense and funded annually. Total costs were $2,327,000 in 2016, $1,880,000 in 2015, and $1,961,000 in 2014. |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development Costs: Research and development expenses are costs directly attributable to new product development, including the development of new technology for both existing and new products, and consist of salaries, payroll taxes, employee benefits, materials, outside legal costs and filing fees related to obtaining patents, supplies, depreciation and other administrative costs. The Company expenses as research and development all costs associated with development of software used in solid-state LED products. All costs are expensed as incurred and are included in selling and administrative expenses. Research and development costs related to both product and software development totaled $5,549 ,000, $5,598,000 and $8,226,000 for the fiscal years ended June 30, 2016, 2015 and 2014, respectively. |
Cost of Sales, Policy [Policy Text Block] | Cost of Products and Services Sold: Cost of products sold is primarily comprised of direct materials and supplies consumed in the manufacture of products, as well as manufacturing labor, depreciation expense and direct overhead expense necessary to acquire and convert the purchased materials and supplies into finished product. Cost of products sold also includes the cost to distribute products to customers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity . Cost of services sold is primarily comprised of the internal and external labor costs required to support the Company’s service revenue along with the management of media content. |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense: The Company recorded $288 ,000, $305,000, and $322,000 of advertising expense in 2016, 2015 and 2014, respectively. Advertising costs are expensed the first time the advertising occurs. Expense related to printed product or capabilities literature, brochures, etc. is recorded on a ratable basis over the useful life of that printed media. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share: The computation of basic earnings per common share is based on the weighted average common shares outstanding for the period net of treasury shares held in the Company’s nonqualified deferred compensation plan. The computation of diluted earnings per share is based on the weighted average common shares outstanding for the period and includes common share equivalents. Common share equivalents include the dilutive effect of stock options, restricted stock units, contingently issuable shares and common shares to be issued under a deferred compensation plan, all of which totaled 872,000 shares in fiscal 2016, 451,000 shares in fiscal 2015, and 462,000 shares in fiscal 2014. See further discussion in Note 3. |
Income Tax, Policy [Policy Text Block] | Income Taxes: The Company accounts for income taxes in accordance with the accounting guidance for income taxes. Accordingly, deferred income taxes are provided on items that are reported as either income or expense in different time periods for financial reporting purposes than they are for income tax purposes. Deferred income tax assets and liabilities are reported on the Company’s balance sheet. Significant management judgment is required in developing the Company’s income tax provision, including the estimation of taxable income and the effective income tax rates in the multiple taxing jurisdictions in which the Company operates, the estimation of the liability for uncertain income tax positions, the determination of deferred tax assets and liabilities, and any valuation allowances that might be required against deferred tax assets. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements: In June 2014, the Financial Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers.” This amended guidance supersedes and replaces all existing U.S. GAAP revenue recognition guidance. The guidance established a new revenue recognition model, changes the basis for deciding when revenue is recognized , provides new and more detailed guidance on specific revenue topics, and expands and improves disclosures about revenue. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing.” In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers: Narrow Scope Improvements and Practical Expedients.” Both of these standards clarify or improve guidance from ASU 2014-09. These standards are effective for fiscal years and interim periods within those years, beginning after December 15, 2017, or the Company’s fiscal year 2019. The Company is evaluating the impact the amended guidance will have on its financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes,” which eliminates the current requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts in the statement of financial position. This update requires that deferred tax liabilities and assets be classified as noncurrent. This update is effective for financial statements issued for fiscal years beginning April 1, 2017. This update may be applied either prospectively or retrospectively. However, early adoption is permitted and we have chosen to adopt the standard retrospectively as of June 30, 2016. As a result, prior periods have been adjusted to reflect this change. This update impacted the presentation, but not the measurement of deferred tax liabilities and assets. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income: The Company does not have any comprehensive income items other than net income (loss). The functional currency of the Company’s former Canadian operation was the U.S. dollar. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events: The Company has evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements were filed. No items were identified during this evaluation that required adjustment to or disclosure in the accompanying financial statements. |
Reclassification, Policy [Policy Text Block] | Reclassifications: Certain prior year balance sheet amounts have been reclassified to conform to the new accounting guidance on balance sheet classification of deferred taxes. These reclassifications have no impact on net income, earnings per share, or operating cash flows. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Note 1 - Summary of Significa27
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) June 30, June 30, 2016 2015 Accounts receivable $ 47,201 $ 43,978 Less: Allowance for doubtful accounts (226 ) (317 ) Accounts receivable, net $ 46,975 $ 43,661 |
Property, Plant and Equipment [Table Text Block] | Buildings (in years) 28 - 40 Machinery and equipment (in years) 3 - 10 Computer software (in years) 3 - 8 |
Schedule of Product Warranty Liability [Table Text Block] | (In thousands) June 30, 2016 June 30, 2015 Balance at beginning of the period $ 3,408 $ 2,662 Additions charged to expense 5,069 3,185 Deductions for repairs and replacements (3,408 ) (2,439 ) Balance at end of the period $ 5,069 $ 3,408 |
Note 2 - Business Segment Inf28
Note 2 - Business Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In thousands) 201 6 2015 2014 Net S ales: Lighting Segment $ 226,889 $ 219,920 $ 222,604 Graphics Segment 77,039 64,895 50,970 Technology Segment 18,268 23,001 24,515 All Other Category — 41 1,374 Total Net Sales $ 322,196 $ 307,857 $ 299,463 Operating I ncome ( L oss): Lighting Segment $ 15,785 $ 14,775 $ 10,524 Graphics Segment 5,429 1,156 (2,086 ) Technology Segment 3,845 2,949 1,633 All Other Category — (183 (854 ) Corporate and Eliminations (11,103 ) (11,164 (6,899 ) Total Operating Income $ 13,956 $ 7,533 $ 2,318 Capital Expenditures: Lighting Segment $ 4,255 $ 1,905 $ 3,294 Graphics Segment 3,605 1,100 461 Technology Segment 1,935 1,146 726 All Other Category — 4 20 Corporate and Eliminations 416 599 744 Total Capital Expenditures $ 10,211 $ 4,754 $ 5,245 Depreciation and A mortization: Lighting Segment $ 2,930 $ 2,965 $ 2,779 Graphics Segment 1,015 979 950 Technology Segment 1,518 1,341 1,563 All Other Category — 31 161 Corporate and Eliminations 1,214 1,015 773 Total Depreciation and Amortization $ 6,677 $ 6,331 $ 6,226 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, June 30, 201 6 2015 Identifiable A ssets: Lighting Segment $ 95,168 $ 90,713 Graphics Segment 32,450 29,477 Technology Segment 29,388 28,423 All Other Category — — Corporate and Eliminations 38,554 32,077 Total Identifiable Assets $ 195,560 $ 180,690 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | (In thousands) 201 6 2015 2014 Lighting Segment intersegment net sales $ 2,935 $ 2,752 $ 3,534 Graphics Segment intersegment net sales $ 1,760 $ 559 $ 1,088 Technology Segment intersegment net sales $ 35,733 $ 29,412 $ 34,238 All Other Category intersegment net sales $ — $ 308 $ 2,286 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | (In thousands) 201 6 2015 2014 Net S ales (a): United States $ 322,196 $ 307,816 $ 298,089 Canada — 41 1,374 Total Net Sales $ 322,196 $ 307,857 $ 299,463 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | June 30, June 30, June 30, 201 6 2015 2014 Long-L ived A ssets (b): United States $ 51,723 $ 46,430 $ 47,125 Canada — — 190 Total Long-Lived Assets $ 51,723 $ 46,430 $ 47,315 |
Note 3 - Earnings Per Common 29
Note 3 - Earnings Per Common Share (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share data) 201 6 2015 2014 BASIC EARNINGS PER SHARE Net income $ 9,482 $ 5,151 $ 930 Weighted average shares outstanding during the period, net of treasury shares (a) 24,720 24,187 24,084 Weighted restricted stock units outstanding during the period 24 — — Weighted average shares outstanding in the Deferred Compensation Plan during the period 244 309 304 Weighted average shares outstanding 24,988 24,496 24,388 Basic earnings per share $ 0.38 $ 0.21 $ 0.04 DILUTED EARNINGS PER SHARE Net income $ 9,482 $ 5,151 $ 930 Weighted average shares outstanding Basic 24,988 24,496 24,388 Effect of dilutive securities (b): Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any 604 142 158 Weighted average shares outstanding (c) 25,592 24,638 24,546 Diluted earnings per share $ 0.37 $ 0.21 $ 0.04 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, June 30, (In thousands) 201 6 2015 Inventories: Raw materials $ 28,979 $ 27,920 Work-in-process 4,418 4,658 Finished goods 10,744 10,505 Total Inventories $ 44,141 $ 43,083 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, June 30, (In thousands) 201 6 2015 Accrued Expenses: Compensation and benefits $ 11,983 $ 11,614 Customer prepayments 1,053 1,324 Accrued sales commissions 2,792 1,982 Accrued warranty 5,069 3,408 Other accrued expenses 4,444 3,798 Total Accrued Expenses $ 25,341 $ 22,126 |
Note 6 - Goodwill and Other I32
Note 6 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill (In thousands) Lighting Graphics Technology All Other Segment Segment Segment Category Total Balance as of June 30, 2016 Goodwill $ 34,913 $ 28,690 $ 11,621 $ -- $ 75,224 Accumulated impairment losses (34,778 ) (27,525 ) (2,413 ) -- (64,716 ) Goodwill, net as of June 30, 2016 $ 135 $ 1,165 $ 9,208 $ -- $ 10,508 Balance as of June 30, 2015 Goodwill $ 34,913 $ 28,690 $ 11,621 $ -- $ 75,224 Accumulated impairment losses (34,778 ) (27,525 ) (2,413 ) -- (64,716 ) Goodwill, net as of June 30, 2015 $ 135 $ 1,165 $ 9,208 $ -- $ 10,508 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, 2016 Other Intangible Assets Gross Carrying Accumulated Net (In thousands) Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 9,316 $ 7,581 $ 1,735 Patents 338 154 184 LED technology firmware, software 11,228 10,989 239 Trade name 460 460 — Non-compete agreements 710 704 6 Total Amortized Intangible Assets 22,052 19,888 2,164 Indefinite-lived Intangible Assets Trademarks and trade names 3,422 — 3,422 Total Indefinite-lived Intangible Assets 3,422 — 3,422 Total Other Intangible Assets $ 25,474 $ 19,888 $ 5,586 June 30, 2015 Other Intangible Assets Gross Carrying Accumulated Net (In thousands) Amount Amortization Amount Amortized Intangible Assets Customer relationships $ 9,316 $ 7,290 $ 2,026 Patents 338 120 218 LED technology firmware, software 11,228 10,910 318 Trade name 460 460 -- Non-compete agreements 710 602 108 Total Amortized Intangible Assets 22,052 19,382 2,670 Indefinite-lived Intangible Assets Trademarks and trade names 3,422 -- 3,422 Total Indefinite-lived Intangible Assets 3,422 -- 3,422 Total Other Intangible Assets $ 25,474 $ 19,382 $ 6,092 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization Expense of Other Intangible Assets (In thousands) 2016 2015 2014 Amortization Expense $ 506 $ 527 $ 815 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) 2017 $ 409 2018 $ 400 2019 $ 400 2020 $ 327 2021 $ 321 After 2021 $ 307 |
Note 9 - Equity Compensation (T
Note 9 - Equity Compensation (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 2014 Dividend yield 1.3 % 1.1 % 3.3 % Expected volatility 44 % 55 % 53 % Risk-free interest rate 1.7 % 1.6 % 1.7 % Expected life (in years) 6.0 6.0 5.5 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Twelve Months Ended June 30, 2016 Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Term (in years) Value Outstanding at 6/30/15 2,677,436 $ 8.85 6.1 $ 4,914,601 Granted 1,026,800 $ 9.39 Forfeitures (165,800 ) $ 15.15 Exercised (561,946 ) $ 7.34 Outstanding at 6/30/16 2,976,490 $ 8.97 6.6 $ 8,338,974 Exercisable at 6/30/16 1,312,985 $ 9.75 4.0 $ 3,819,127 Twelve Months Ended June 30, 2015 Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Term (in years) Value Outstanding at 6/30/14 2,677,464 $ 9.57 5.4 $ 1,674,010 Granted 734,323 $ 6.83 Forfeitures (571,275 ) $ 10.26 Exercised (163,076 ) $ 6.70 Outstanding at 6/30/15 2,677,436 $ 8.85 6.1 $ 4,914,601 Exercisable at 6/30/15 1,597,238 $ 10.18 4.3 $ 2,250,093 Twelve Months Ended June 30, 2014 Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Term (in years) Value Outstanding at 6/30/13 2,341,150 $ 9.95 5.6 $ 1,544,896 Granted 436,000 $ 7.24 Forfeitures (39,050 ) $ 11.59 Exercised (60,636 ) $ 6.22 Outstanding at 6/30/14 2,677,464 $ 9.57 5.4 $ 1,674,010 Exercisable at 6/30/14 1,874,326 $ 10.74 4.0 $ 750,925 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted-Average Grant Date Fair Value Unvested at June 30, 2015 1,080,198 $ 2.99 Granted 1,026,800 $ 3.64 Vested (395,693 ) $ 2.95 Forfeited (47,800 ) $ 3.30 Unvested at June 30, 2016 1,663,505 $ 3.39 |
Note 10 - Leases and Purchase34
Note 10 - Leases and Purchase Commitments (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2017 2018 2019 2020 2021 2022 & Beyond $ 1,285,000 $ 1,046,000 $ 255,000 $ 36,000 $ 5,000 -- |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) 201 6 2015 2014 Components of income before income taxes : United States $ 14,004 $ 7,697 $ 3,121 Foreign — (183 ) (854 ) Income before income taxes $ 14,004 $ 7,514 $ 2,267 Provision for income taxes: Current U.S. federal $ 5,056 $ 2,364 $ 500 State and local 582 237 35 Foreign — (12 ) (54 ) Total current 5,638 2,589 481 Deferred (1,116 ) (226 ) 856 Total provision for income taxes $ 4,522 $ 2,363 $ 1,337 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (In thousands) 201 6 2015 2014 Reconciliation to federal statutory rate: Federal statutory tax rate 35.0 % 34.0 % 34.0 % State and local taxes, net of federal benefit 2.2 2.4 6.9 Impact of foreign operations 0.0 0.7 1.2 Federal and state tax credits (2.6 ) (3.7 ) (6.3 ) Goodwill — — 0.1 Valuation allowance — (3.8 ) 30.8 Domestic production activities deduction (4.2 ) (4.0 ) (2.8 ) Uncertain tax position activity (0.6 ) (1.3 ) (11.3 ) Other 2.5 2.1 6.4 Sale of subsidiary — 5.0 — Effective tax rate 32.3 % 31.4 % 59.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) 201 6 2015 Reserves against current assets $ 679 $ 273 Accrued expenses 3,690 2,881 Goodwill, acquisition costs and intangible assets — 255 Deferred compensation 842 791 Stock-based Compensation 1,473 1,213 State net operating loss carryover and credits 1,878 1,889 Long term capital loss carryforward 4,272 4,272 U.S. Federal net operating loss carryover and credits 456 506 Deferred income tax asset before valuation reserve 13,290 12,080 Valuation reserve (6,150 ) (6,161 ) Deferred income tax asset 7,140 5,919 Depreciation (4,270 ) (4,454 ) Goodwill, acquisition costs and intangible assets (289 ) — Deferred income tax liability (4,559 ) (4,454 ) Net deferred income tax asset $ 2,581 $ 1,465 |
Summary of Income Tax Contingencies [Table Text Block] | (in thousands) 201 6 2015 2014 Balance at beginning of the fiscal year $ 687 $ 746 $ 969 Decreases — tax positions in prior period (161 ) (134 ) (225 ) Increases — tax positions in current period 122 75 2 Settlements and payments — — — Lapse of statute of limitations — — — Balance at end of the fiscal year $ 648 $ 687 $ 746 |
Note 12 - Supplemental Cash F36
Note 12 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | (In thousands) 201 6 2015 2014 Cash payments for: Interest $ 50 $ 48 $ 76 Income taxes $ 5,079 $ 1,078 $ 978 Issuance of common shares as compensation $ 248 $ 191 $ 193 |
Note 14 - Severance Costs (Tabl
Note 14 - Severance Costs (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Employee Severance [Member] | |
Notes Tables | |
Schedule of Accrued Severance Liability [Table Text Block] | Fiscal Fiscal Year Ended Year Ended (In thousands) June 30 , June 30, 2016 2015 Balance at beginning of the period $ 379 $ -- Accrual of expense 469 1,718 Payments (742 ) (704 ) Adjustments (67 ) (635 ) Balance at end of the period $ 39 $ 379 |
Note 16 - Related Party Trans38
Note 16 - Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | 201 6 2015 2014 Keating Muething & Klekamp PLL $ 207 $ 500 $ 98 American Engineering and Metal Working $ 522 $ 300 $ 215 3970957 Canada Inc. $ — $ 42 $ 161 Synergy Electronic LTD $ — $ 7 $ 171 |
Schedule of Related Party Debt [Table Text Block] | June 30, June 30, 2016 2015 Keating Muething & Klekamp PLL $ 12 $ 35 American Engineering and Metal Working $ 6 $ 1 |
Schedule of Related Party Revenue [Table Text Block] | 201 6 2015 2014 Wesco International $ 2,450 $ 2,726 $ 5,444 American Engineering and Metalworking $ 27 $ 4 $ 7 |
Schedule of Accounts Receivable Recorded with Related Parties [Table Text Block] | June 30, June 30, 2016 2015 Wesco International $ 57 $ 262 |
Note 17 - Summary of Quarterl39
Note 17 - Summary of Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter Ended Fiscal (In thousands except per share data) Sept. 30 Dec. 31 March 31 June 30 Year 201 6 Net sales $ 85,925 $ 84,687 $ 70,740 $ 80,844 $ 322,196 Gross profit 23,349 23,926 16,549 19,847 83,671 Net income 3,750 3,782 522 1,428 9,482 Earnings per share Basic $ 0.15 $ 0.15 $ 0.02 $ 0.06 $ 0.38 Diluted $ 0.15 $ 0.15 $ 0.02 $ 0.06 $ 0.37 (a) Range of share prices High $ 10.48 $ 12.80 $ 12.22 $ 13.45 $ 13.45 Low $ 8.33 $ 7.89 $ 9.85 $ 10.29 $ 7.89 201 5 Net sales $ 78,466 $ 84,715 $ 68,603 $ 76,073 $ 307,857 Gross profit 18,608 20,555 16,305 18,981 74,449 Net income 1,527 1,588 393 1,643 5,151 Earnings per share Basic $ 0.06 $ 0.06 $ 0.02 $ 0.07 $ 0.21 Diluted $ 0.06 $ 0.06 $ 0.02 $ 0.07 $ 0.21 Range of share prices High $ 8.49 $ 7.70 $ 9.17 $ 10.24 $ 10.24 Low $ 6.00 $ 5.61 $ 5.84 $ 8.02 $ 5.61 201 4 Net sales $ 80,486 $ 76,123 $ 68,996 $ 73,858 $ 299,463 Gross profit 19,122 16,757 13,715 15,704 65,298 Net income (loss) 1,865 870 (1,009 ) (796 ) 930 Earnings (loss) per share Basic $ 0.08 $ 0.04 $ (0.04 ) $ (0.03 ) $ 0.04 (a) Diluted $ 0.08 $ 0.04 $ (0.04 ) $ (0.03 ) $ 0.04 (a) Range of share prices High $ 9.00 $ 9.60 $ 9.67 $ 8.78 $ 9.67 Low $ 6.65 $ 7.76 $ 7.54 $ 7.10 $ 6.65 |
Condensed Income Statement [Table Text Block] | 201 6 2015 2014 2013 2012 Net sales $ 322,196 $ 307,857 $ 299,463 $ 280,790 $ 268,402 Cost of products and services sold 238,525 233,408 234,165 220,380 208,089 Loss on sale of a subsidiary — 565 — — — Gain (loss) on sale of a building — (343 ) — — — Selling and administrative expenses 69,715 66,694 62,175 57,367 53,724 Goodwill and intangible asset impairment — — 805 2,413 258 Operating income 13,956 7,533 2,318 630 6,331 Interest (income) (84 ) (26 ) (17 ) (47 ) (25 ) Interest expense 36 45 68 62 165 Income before income taxes 14,004 7,514 2,267 615 6,191 Income taxes 4,522 2,363 1,337 738 2,967 Net income (loss) $ 9,482 $ 5,151 $ 930 $ (123 ) $ 3,224 Earnings (loss) per common share Basic $ 0.38 $ 0.21 $ 0.04 $ (0.01 ) $ 0.13 Diluted $ 0.37 $ 0.21 $ 0.04 $ (0.01 ) $ 0.13 Cash dividends paid per share $ 0.17 $ 0.12 $ 0.24 $ 0.36 $ 0.23 Weighted average common shares Basic 24,988 24,496 24,388 24,313 24,298 Diluted 25,592 24,638 24,546 24,313 24,352 Balance Sheet Data: (At June 30) 2016 2015 2014 2013 2012 Working capital $ 88,510 $ 80,813 $ 74,349 $ 74,647 $ 81,834 Total assets 195,560 180,690 168,688 169,179 175,226 Long-term debt, including current maturities — — — — — Shareholders’ equity 155,520 142,952 138,412 141,690 149,368 |
Schedule II - Valuation and Q40
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F Additions Additions Balance Charged to (Deductions) Balance Beginning Costs and From Company (a) End of Description of Period Expenses Acquired (Sold) Deductions Period Allowance for Doubtful Accounts: Year Ended June 30, 2016 $ 317 $ 55 $ — $ (146 ) $ 226 Year Ended June 30, 2015 $ 294 $ 220 $ — $ (197 ) $ 317 Year Ended June 30, 2014 $ 346 $ 6 $ — $ (58 ) $ 294 Inventory Obsolescence Reserve: Year Ended June 30, 2016 $ 2,197 $ 1,726 $ — $ (1,529 ) $ 2,394 Year Ended June 30, 2015 $ 2,298 $ 1,493 $ (417 ) $ (1,177 ) $ 2,197 Year Ended June 30, 2014 $ 3,087 $ 1,464 $ — $ (2,253 ) $ 2,298 Deferred Tax Asset Valuation Reserve: Year Ended June 30, 2016 $ 6,161 $ — $ — $ (11 ) $ 6,150 Year Ended June 30, 2015 $ 6,450 $ — $ (283 ) $ (6 ) $ 6,161 Year Ended June 30, 2014 $ 5,750 $ 700 $ — $ — $ 6,450 |
Note 1 - Summary of Significa41
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | |
Minimum [Member] | |||
Media Content Service Period | 30 days | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Standard Warranty Term | 1 year | ||
Maximum [Member] | Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Maximum [Member] | Product Warranty Exceptions [Member] | |||
Standard Warranty Term | 10 years | ||
Maximum [Member] | |||
Media Content Service Period | 1 year | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Standard Warranty Term | 5 years | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | $ 0 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 0 | ||
Number of Revenue Sources | 5 | ||
Cash, FDIC Insured Amount | $ 250,000 | ||
Cash, Uninsured Amount | 37,883,000 | $ 28,494,000 | |
Depreciation | 6,171,000 | 5,804,000 | $ 5,411,000 |
Defined Contribution Plan, Cost Recognized | 2,327,000 | 1,880,000 | 1,961,000 |
Research and Development Expense | 5,549,000 | 5,598,000 | 8,226,000 |
Advertising Expense | $ 288,000 | $ 305,000 | $ 322,000 |
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | shares | 872,000 | 451,000 | 462,000 |
Note 1 - Net Accounts Receivabl
Note 1 - Net Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Accounts receivable | $ 47,201 | $ 43,978 |
Less: Allowance for doubtful accounts | (226) | (317) |
Accounts receivable, net | $ 46,975 | $ 43,661 |
Note 1 - Estimated Useful Lives
Note 1 - Estimated Useful Lives of Long-lived Assets (Details) | 12 Months Ended |
Jun. 30, 2016 | |
Building [Member] | Minimum [Member] | |
Property, Plant, and Equipment | 28 years |
Building [Member] | Maximum [Member] | |
Property, Plant, and Equipment | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant, and Equipment | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant, and Equipment | 10 years |
Software and Software Development Costs [Member] | Minimum [Member] | |
Property, Plant, and Equipment | 3 years |
Software and Software Development Costs [Member] | Maximum [Member] | |
Property, Plant, and Equipment | 8 years |
Note 1 - Warranty Liabilities (
Note 1 - Warranty Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Balance at beginning of the period | $ 3,408 | $ 2,662 |
Additions charged to expense | 5,069 | 3,185 |
Deductions for repairs and replacements | (3,408) | (2,439) |
Balance at end of the period | $ 5,069 | $ 3,408 |
Note 2 - Business Segment Inf45
Note 2 - Business Segment Information (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 0.00% | 0.00% | 0.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 0.00% | 0.00% | ||
CANADA | ||||
Number of Operating Segments | 1 | |||
Intersegment Revenue Markup Percentage | 10.00% |
Note 2 - Summarized Financial I
Note 2 - Summarized Financial Information by Reportable Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||
Lighting Segment [Member] | ||||||||||||||||||||
Net Sales: | ||||||||||||||||||||
Net Sales | $ 226,889 | $ 219,920 | $ 222,604 | |||||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||
Operating Income (Loss) | 15,785 | 14,775 | 10,524 | |||||||||||||||||
Capital Expenditures: | ||||||||||||||||||||
Capital Expenditures | 4,255 | 1,905 | 3,294 | |||||||||||||||||
Depreciation and Amortization: | ||||||||||||||||||||
Depreciation and Amortization | 2,930 | 2,965 | 2,779 | |||||||||||||||||
Graphics Segment [Member] | ||||||||||||||||||||
Net Sales: | ||||||||||||||||||||
Net Sales | 77,039 | 64,895 | 50,970 | |||||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||
Operating Income (Loss) | 5,429 | 1,156 | (2,086) | |||||||||||||||||
Capital Expenditures: | ||||||||||||||||||||
Capital Expenditures | 3,605 | 1,100 | 461 | |||||||||||||||||
Depreciation and Amortization: | ||||||||||||||||||||
Depreciation and Amortization | 1,015 | 979 | 950 | |||||||||||||||||
Technology Segment [Member] | ||||||||||||||||||||
Net Sales: | ||||||||||||||||||||
Net Sales | 18,268 | 23,001 | 24,515 | |||||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||
Operating Income (Loss) | 3,845 | 2,949 | 1,633 | |||||||||||||||||
Capital Expenditures: | ||||||||||||||||||||
Capital Expenditures | 1,935 | 1,146 | 726 | |||||||||||||||||
Depreciation and Amortization: | ||||||||||||||||||||
Depreciation and Amortization | 1,518 | 1,341 | 1,563 | |||||||||||||||||
All Other Category [Member] | ||||||||||||||||||||
Net Sales: | ||||||||||||||||||||
Net Sales | 41 | 1,374 | ||||||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||
Operating Income (Loss) | (183) | (854) | ||||||||||||||||||
Capital Expenditures: | ||||||||||||||||||||
Capital Expenditures | 4 | 20 | ||||||||||||||||||
Depreciation and Amortization: | ||||||||||||||||||||
Depreciation and Amortization | 31 | 161 | ||||||||||||||||||
Corporate and Eliminations [Member] | ||||||||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||
Operating Income (Loss) | (11,103) | (11,164) | (6,899) | |||||||||||||||||
Capital Expenditures: | ||||||||||||||||||||
Capital Expenditures | 416 | 599 | 744 | |||||||||||||||||
Depreciation and Amortization: | ||||||||||||||||||||
Depreciation and Amortization | 1,214 | 1,015 | 773 | |||||||||||||||||
Net Sales | $ 80,844 | $ 70,740 | $ 84,687 | $ 85,925 | $ 76,073 | $ 68,603 | $ 84,715 | $ 78,466 | $ 73,858 | $ 68,996 | $ 76,123 | $ 80,486 | 322,196 | [1] | 307,857 | [1] | 299,463 | [1] | $ 280,790 | $ 268,402 |
Operating Income (Loss) | 13,956 | 7,533 | 2,318 | $ 630 | $ 6,331 | |||||||||||||||
Capital Expenditures | 10,211 | 4,754 | 5,245 | |||||||||||||||||
Depreciation and Amortization | $ 6,677 | $ 6,331 | $ 6,226 | |||||||||||||||||
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale. |
Note 2 - Identifiable Assets by
Note 2 - Identifiable Assets by Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Lighting Segment [Member] | |||||
Identifiable Assets: | |||||
Identifiable Assets | $ 95,168 | $ 90,713 | |||
Graphics Segment [Member] | |||||
Identifiable Assets: | |||||
Identifiable Assets | 32,450 | 29,477 | |||
Technology Segment [Member] | |||||
Identifiable Assets: | |||||
Identifiable Assets | 29,388 | 28,423 | |||
All Other Category [Member] | |||||
Identifiable Assets: | |||||
Identifiable Assets | |||||
Corporate and Eliminations [Member] | |||||
Identifiable Assets: | |||||
Identifiable Assets | 38,554 | 32,077 | |||
Identifiable Assets | $ 195,560 | $ 180,690 | $ 168,688 | $ 169,179 | $ 175,226 |
Note 2 - Inter-segment Revenues
Note 2 - Inter-segment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||
Intersegment Eliminations [Member] | Lighting Segment [Member] | ||||||||||||||||||||
Net Sales | $ 2,935 | $ 2,752 | $ 3,534 | |||||||||||||||||
Intersegment Eliminations [Member] | Graphics Segment [Member] | ||||||||||||||||||||
Net Sales | 1,760 | 559 | 1,088 | |||||||||||||||||
Intersegment Eliminations [Member] | Technology Segment [Member] | ||||||||||||||||||||
Net Sales | 35,733 | 29,412 | 34,238 | |||||||||||||||||
Intersegment Eliminations [Member] | All Other Category [Member] | ||||||||||||||||||||
Net Sales | 308 | 2,286 | ||||||||||||||||||
Lighting Segment [Member] | ||||||||||||||||||||
Net Sales | 226,889 | 219,920 | 222,604 | |||||||||||||||||
Graphics Segment [Member] | ||||||||||||||||||||
Net Sales | 77,039 | 64,895 | 50,970 | |||||||||||||||||
Technology Segment [Member] | ||||||||||||||||||||
Net Sales | 18,268 | 23,001 | 24,515 | |||||||||||||||||
All Other Category [Member] | ||||||||||||||||||||
Net Sales | 41 | 1,374 | ||||||||||||||||||
Net Sales | $ 80,844 | $ 70,740 | $ 84,687 | $ 85,925 | $ 76,073 | $ 68,603 | $ 84,715 | $ 78,466 | $ 73,858 | $ 68,996 | $ 76,123 | $ 80,486 | $ 322,196 | [1] | $ 307,857 | [1] | $ 299,463 | [1] | $ 280,790 | $ 268,402 |
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale. |
Note 2 - Revenue by Geographic
Note 2 - Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||
UNITED STATES | |||||||||||||||||||||
Revenue, Net | [1] | $ 322,196 | $ 307,816 | $ 298,089 | |||||||||||||||||
CANADA | |||||||||||||||||||||
Revenue, Net | [1] | 41 | 1,374 | ||||||||||||||||||
Revenue, Net | $ 80,844 | $ 70,740 | $ 84,687 | $ 85,925 | $ 76,073 | $ 68,603 | $ 84,715 | $ 78,466 | $ 73,858 | $ 68,996 | $ 76,123 | $ 80,486 | $ 322,196 | [1] | $ 307,857 | [1] | $ 299,463 | [1] | $ 280,790 | $ 268,402 | |
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale. |
Note 2 - Long-lived Assets by G
Note 2 - Long-lived Assets by Geographical Region (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
UNITED STATES | ||||
Long-Lived Assets | [1] | $ 51,723 | $ 46,430 | $ 47,125 |
CANADA | ||||
Long-Lived Assets | [1] | 190 | ||
Long-Lived Assets | [1] | $ 51,723 | $ 46,430 | $ 47,315 |
[1] | Long-lived assets include property, plant and equipment, and other long-term assets. Goodwill and intangible assets are not included in long-lived assets. |
Note 3 - Earnings Per Common 51
Note 3 - Earnings Per Common Share (Details Textual) - shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,331,300 | 1,882,722 | 1,974,775 |
Note 3 - Basic and Diluted Earn
Note 3 - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||
Net of Treasury Shares [Member] | |||||||||||||||||||||
Weighted average shares outstanding during the period, net of treasury shares (a) (in shares) | [1] | 24,720 | 24,187 | 24,084 | |||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||
Weighted restricted stock units outstanding during the period (in shares) | 24 | ||||||||||||||||||||
Deferred Compensation Plan [Member] | |||||||||||||||||||||
Weighted restricted stock units outstanding during the period (in shares) | 244 | 309 | 304 | ||||||||||||||||||
Net income | $ 1,428 | $ 522 | $ 3,782 | $ 3,750 | $ 1,643 | $ 393 | $ 1,588 | $ 1,527 | $ (796) | $ (1,009) | $ 870 | $ 1,865 | $ 9,482 | $ 5,151 | $ 930 | $ (123) | $ 3,224 | ||||
Weighted average shares outstanding (in shares) | 24,988 | 24,496 | 24,388 | 24,313 | 24,298 | ||||||||||||||||
Basic (in dollars per share) | $ 0.06 | $ 0.02 | $ 0.15 | $ 0.15 | $ 0.07 | $ 0.02 | $ 0.06 | $ 0.06 | $ (0.03) | $ (0.04) | $ 0.04 | $ 0.08 | $ 0.38 | $ 0.21 | $ 0.04 | $ (0.01) | $ 0.13 | ||||
Impact of common shares to be issued under stock option plans, and contingently issuable shares, if any (in shares) | [2] | 604 | 142 | 158 | |||||||||||||||||
Weighted average shares outstanding (c) (in shares) | 25,592 | [3] | 24,638 | [3] | 24,546 | [3] | 24,313 | 24,352 | |||||||||||||
Diluted (in dollars per share) | $ 0.06 | $ 0.02 | $ 0.15 | $ 0.15 | $ 0.07 | $ 0.02 | $ 0.06 | $ 0.06 | $ (0.03) | $ (0.04) | $ 0.04 | $ 0.08 | $ 0.37 | $ 0.21 | $ 0.04 | $ (0.01) | $ 0.13 | ||||
[1] | Includes shares accounted for like treasury stock. | ||||||||||||||||||||
[2] | Calculated using the "Treasury Stock' method as if dilutive securities were exercised and the funds were used to purchase common shares at the average market price during the period. | ||||||||||||||||||||
[3] | Options to purchase 1,275,000 common shares, 1,882,722 common shares, and 1,974,775 common shares at June 30, 2016, 2015, and 2014, respectively, were not included in the computation of diluted earnings per share because the exercise price was greater than the average fair market value of the common shares. |
Note 4 - Inventories (Details)
Note 4 - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Inventories: | ||
Raw materials | $ 28,979 | $ 27,920 |
Work-in-process | 4,418 | 4,658 |
Finished goods | 10,744 | 10,505 |
Total Inventories | $ 44,141 | $ 43,083 |
Note 5 - Accrued Expenses (Deta
Note 5 - Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Accrued Expenses: | |||
Compensation and benefits | $ 11,983 | $ 11,614 | |
Customer prepayments | 1,053 | 1,324 | |
Accrued sales commissions | 2,792 | 1,982 | |
Accrued warranty | 5,069 | 3,408 | $ 2,662 |
Other accrued expenses | 4,444 | 3,798 | |
Total Accrued Expenses | $ 25,341 | $ 22,126 |
Note 6 - Goodwill and Other I55
Note 6 - Goodwill and Other Intangible Assets (Details Textual) | Mar. 01, 2016USD ($) | Mar. 01, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) |
Lighting Segment [Member] | ||||||
Good will Impairment Testing Value Above Carrying Value | $ 89,000,000 | $ 36,200,000 | ||||
Good will Impairment Testing Percent Value Above Carrying Value | 112.00% | 45.00% | ||||
Graphics Segment [Member] | ||||||
Good will Impairment Testing Value Above Carrying Value | $ 1,700,000 | $ 4,000,000 | ||||
Good will Impairment Testing Percent Value Above Carrying Value | 183.00% | 344.00% | ||||
Technology Segment [Member] | ||||||
Good will Impairment Testing Value Above Carrying Value | $ 15,400,000 | $ 14,900,000 | ||||
Good will Impairment Testing Percent Value Above Carrying Value | 59.00% | 58.00% | ||||
Customer Relationships [Member] | LSI Saco [Member] | ||||||
Finite-Lived Intangible Assets, Gross | $ 1,306,000 | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 428,000 | |||||
Customer Relationships [Member] | ||||||
Finite-Lived Intangible Assets, Gross | $ 9,316,000 | $ 9,316,000 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 7,581,000 | 7,290,000 | ||||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | ||||
Number of Reporting Units | 3 | |||||
Impairment of Intangible Assets, Finite-lived | $ 805,000 | |||||
Finite-Lived Intangible Assets, Gross | 22,052,000 | 22,052,000 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 19,888,000 | $ 19,382,000 | ||||
Indefinite Lived Intangible Assets Impairment Testing Value Above Carrying Value | $ 8,400,000 | $ 6,600,000 | ||||
Indefinite Lived Intangible Assets Impairment Testing Percent Value Above Carrying Value | 245.00% | 192.00% |
Note 6 - Goodwill (Details)
Note 6 - Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Lighting Segment [Member] | ||
Goodwill | $ 34,913 | $ 34,913 |
Accumulated impairment losses | (34,778) | (34,778) |
Goodwill, net as of June 30, 2016 | 135 | 135 |
Graphics Segment [Member] | ||
Goodwill | 28,690 | 28,690 |
Accumulated impairment losses | (27,525) | (27,525) |
Goodwill, net as of June 30, 2016 | 1,165 | 1,165 |
Technology Segment [Member] | ||
Goodwill | 11,621 | 11,621 |
Accumulated impairment losses | (2,413) | (2,413) |
Goodwill, net as of June 30, 2016 | 9,208 | 9,208 |
All Other Category [Member] | ||
Goodwill | ||
Accumulated impairment losses | ||
Goodwill, net as of June 30, 2016 | ||
Goodwill | 75,224 | 75,224 |
Accumulated impairment losses | (64,716) | (64,716) |
Goodwill, net as of June 30, 2016 | $ 10,508 | $ 10,508 |
Note 6 - Other Intangible Asset
Note 6 - Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 9,316 | $ 9,316 |
Finite-Lived Intangible Assets, Accumulated Amortization | 7,581 | 7,290 |
Net Amount | 1,735 | 2,026 |
Patents [Member] | ||
Finite-Lived Intangible Assets, Gross | 338 | 338 |
Finite-Lived Intangible Assets, Accumulated Amortization | 154 | 120 |
Net Amount | 184 | 218 |
Technology-Based Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Gross | 11,228 | 11,228 |
Finite-Lived Intangible Assets, Accumulated Amortization | 10,989 | 10,910 |
Net Amount | 239 | 318 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets, Gross | 460 | 460 |
Finite-Lived Intangible Assets, Accumulated Amortization | 460 | 460 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets, Gross | 710 | 710 |
Finite-Lived Intangible Assets, Accumulated Amortization | 704 | 602 |
Net Amount | 6 | 108 |
Trademarks and Trade Names [Member] | ||
Indefinite Lived Intangible Assets | 3,422 | 3,422 |
Total Indefinite-lived Intangible Assets | 3,422 | 3,422 |
Finite-Lived Intangible Assets, Gross | 22,052 | 22,052 |
Finite-Lived Intangible Assets, Accumulated Amortization | 19,888 | 19,382 |
Net Amount | 2,164 | 2,670 |
Indefinite Lived Intangible Assets | 3,422 | 3,422 |
Total Indefinite-lived Intangible Assets | 3,422 | 3,422 |
Total Other Intangible Assets | 25,474 | 25,474 |
Total Other Intangible Assets | $ 5,586 | $ 6,092 |
Note 6 - Amortization Expense o
Note 6 - Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Amortization Expense | $ 506 | $ 527 | $ 815 |
Note 6 - Future Amortization Ex
Note 6 - Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2016USD ($) |
2,017 | $ 409 |
2,018 | 400 |
2,019 | 400 |
2,020 | 327 |
2,021 | 321 |
After 2,021 | $ 307 |
Note 7 - Revolving Lines of C60
Note 7 - Revolving Lines of Credit and Long-term Debt (Details Textual) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2016 |
UNITED STATES | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |
Letters of Credit Outstanding, Amount | $ 0.7 |
Note 8 - Cash Dividends (Detail
Note 8 - Cash Dividends (Details Textual) - USD ($) | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Aug. 31, 2016 | |
Subsequent Event [Member] | ||||
Quarterly Indicated Per Share Dividend Rate | $ 0.05 | |||
Payments of Ordinary Dividends, Common Stock | $ 4,214,000 | $ 2,900,000 | $ 5,780,000 | |
Dividends Accrued | $ 10,625 |
Note 9 - Equity Compensation (D
Note 9 - Equity Compensation (Details Textual) | Apr. 01, 2016 | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($)$ / sharesshares | Jun. 30, 2013shares | Mar. 31, 2016 |
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 3 years | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 234,320 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 240 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 62,500 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 9.39 | |||||
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate | 3.30% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 72,000 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Dividends | $ 10,625 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 5,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 4,500 | |||||
Sharebased Compensation Arrangement By Sharebased Payment Award Equity Other Than Options Expected To Vest Outstanding Number | shares | 60,794 | |||||
Allocated Share-based Compensation Expense | $ 383,483 | |||||
Performance Shares [Member] | Annually [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.30% | |||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 9 years | 9 years 153 days | 9 years 62 days | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 8.84 | $ 5.96 | $ 7.20 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.28 | $ 2.19 | $ 2.64 | |||
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate | 2.00% | |||||
Treasury Stock Acquired, Repurchase Authorization, Shares Expected | shares | 35,000 | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 9 years 244 days | 9 years 273 days | 9 years 182 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 10 years | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 11.87 | $ 8.23 | $ 8.44 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 4.52 | $ 3.89 | $ 3.64 | |||
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate | 3.30% | |||||
Treasury Stock Acquired, Repurchase Authorization, Shares Expected | shares | 39,000 | |||||
Non-Employee Directors [Member] | Each Ninety Days [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||
Employees [Member] | Annually [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||
Excluding Tax Effect of Disqualified Dispositions [Member] | ||||||
Proceeds from Stock Options Exercised | $ 4,124,047 | $ 1,092,002 | $ 377,401 | |||
Employee Salary Deferrals or Company Contributions [Member] | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 363,400 | $ 205,600 | ||||
Treasury Stock, Shares, Acquired | shares | 36,685 | 27,902 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years | 4 years 109 days | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 219 days | 6 years 36 days | 5 years 146 days | 5 years 219 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 1,612,095 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 2,976,490 | 2,677,436 | 2,677,464 | 2,341,150 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 1,312,985 | 1,597,238 | 1,874,326 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,458,925 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 90 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 1,026,800 | 734,323 | 436,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 9.39 | $ 6.83 | $ 7.24 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.64 | $ 3.27 | $ 2.67 | |||
Share Based Compensation Valuation Assumptions Expected Forfeiture Rate | 3.30% | |||||
Stock or Unit Option Plan Expense | $ 2,519,092 | $ 1,238,897 | $ 1,004,676 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 2,939,224 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 8.98 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 8,246,362 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 6 years 182 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,695,213 | 212,106 | 142,715 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Aggregate Grant Date Fair Value | 1,168,192 | 822,827 | 777,825 | |||
Proceeds from Stock Options Exercised | 4,021,000 | 850,000 | $ 399,000 | |||
Increase (Decrease) in Income Taxes Payable | 595,483 | 71,643 | ||||
Increase (Decrease) In Common Stock Related To Stock Option Exercise | 102,010 | 242,385 | ||||
Reduction of Income Tax Expense Related to Stock Option Exercises | 141,349 | 30,149 | ||||
Reduction of Deferred Tax Asset Related to Stock Option Exercises | $ 556,144 | $ 283,888 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 23,838 | 26,850 | 23,205 | |||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 248,000 | $ 191,000 | $ 192,100 | |||
Deferred Compensation Plan, Number of Participants | 28 | |||||
Treasury Stock, Shares | shares | 228,100 | 226,600 | ||||
Treasury Stock, Value | $ 2,167,700 | $ 2,145,100 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 23,000 | $ 124,000 |
Note 9 - Weighted Average Assum
Note 9 - Weighted Average Assumptions Used to Develop the Fair Value of Stock Options (Details) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Dividend yield | 1.30% | 1.10% | 3.30% |
Expected volatility | 44.00% | 55.00% | 53.00% |
Risk-free interest rate | 1.70% | 1.60% | 1.70% |
Expected life (in years) | 6 years | 6 years | 5 years 182 days |
Note 9 - Stock Options (Details
Note 9 - Stock Options (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Outstanding at (in shares) | 2,677,436 | 2,677,464 | 2,341,150 | |
Outstanding at (in dollars per share) | $ 8.85 | $ 9.57 | $ 9.95 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 219 days | 6 years 36 days | 5 years 146 days | 5 years 219 days |
Outstanding at | $ 8,338,974 | $ 4,914,601 | $ 1,674,010 | $ 1,544,896 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,026,800 | 734,323 | 436,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 9.39 | $ 6.83 | $ 7.24 | |
Forfeitures (in shares) | (165,800) | (571,275) | (39,050) | |
Forfeitures (in dollars per share) | $ 15.15 | $ 10.26 | $ 11.59 | |
Exercised (in shares) | (561,946) | (163,076) | (60,636) | |
Exercised (in dollars per share) | $ 7.34 | $ 6.70 | $ 6.22 | |
Outstanding at (in shares) | 2,976,490 | 2,677,436 | 2,677,464 | 2,341,150 |
Outstanding at (in dollars per share) | $ 8.97 | $ 8.85 | $ 9.57 | $ 9.95 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,312,985 | 1,597,238 | 1,874,326 | |
Exercisable at (in dollars per share) | $ 9.75 | $ 10.18 | $ 10.74 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years | 4 years 109 days | 4 years | |
Exercisable at | $ 3,819,127 | $ 2,250,093 | $ 750,925 |
Note 9 - Summary of Unvested St
Note 9 - Summary of Unvested Stock Options (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Unvested at June 30, 2015 (in shares) | 1,080,198 | ||
Unvested at June 30, 2015 (in dollars per share) | $ 2.99 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,026,800 | 734,323 | 436,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.64 | $ 3.27 | $ 2.67 |
Vested (in shares) | (395,693) | ||
Vested (in dollars per share) | $ 2.95 | ||
Forfeited (in shares) | (47,800) | ||
Forfeited (in dollars per share) | $ 3.30 | ||
Unvested at June 30, 2016 (in shares) | 1,663,505 | 1,080,198 | |
Unvested at June 30, 2016 (in dollars per share) | $ 3.39 | $ 2.99 |
Note 10 - Leases and Purchase66
Note 10 - Leases and Purchase Commitments (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Minimum [Member] | |||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 1 year | ||
Maximum [Member] | |||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | ||
Contractual Obligation | $ 20,824,000 | $ 23,942,000 | |
Operating Leases, Rent Expense | $ 2,027,000 | $ 1,876,000 | $ 1,783,000 |
Note 10 - Leases and Purchase67
Note 10 - Leases and Purchase Commitments - Minimum Annual Rental Commitments (Details) | Jun. 30, 2016USD ($) |
2,018 | $ 1,046,000 |
2,019 | 255,000 |
2,020 | 36,000 |
2,021 | 5,000 |
2022 & Beyond | $ 0 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | State Tax Code Change [Member] | ||||
Unrecognized Tax Benefits | $ 362,000 | |||
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 1,716,000 | $ 1,716,000 | ||
Deferred Tax Assets, Valuation Allowance | 1,716,000 | 1,716,000 | ||
Deferred State and Local Income Tax Expense (Benefit) | 0 | 6,000 | 489,000 | |
State and Local Jurisdiction [Member] | Oregon State Tax [Member] | Scenario, Forecast [Member] | ||||
Deferred Tax Assets, Research and Development Credit, Expired During Period | $ 25,000 | |||
State and Local Jurisdiction [Member] | Oregon State Tax [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 162,000 | 173,000 | ||
Deferred Tax Assets, Research and Development Credit, Expired During Period | 11,000 | |||
Domestic Tax Authority [Member] | ||||
Deferred Tax Assets, Capital Loss Carryforwards | 456,000 | 506,000 | ||
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 4,272,000 | |||
Deferred Tax Assets, Valuation Allowance | 6,150,000 | 6,161,000 | ||
Deferred Tax Assets, Capital Loss Carryforwards | 4,272,000 | 4,272,000 | ||
Unrecognized Tax Benefits | $ 421,000 | 447,000 | ||
Oregon Net Operating Loss, Term | 4 years | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 244,000 | 292,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 142,000 | 152,000 | ||
Reserve for Unrecognized Tax Benefits, Including Penalties and Interest | 807,000 | 891,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 665,000 | 739,000 | ||
Unrecognized Tax Benefits, Period Increase (Decrease) | 26,000 | 40,000 | 147,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 48,000 | 41,000 | 62,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Expense | $ 10,000 | $ 17,000 | $ 50,000 |
Note 11 - Income Taxes - Compon
Note 11 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
United States | $ 14,004 | $ 7,697 | $ 3,121 | ||
Foreign | (183) | (854) | |||
Income before income taxes | 14,004 | 7,514 | 2,267 | $ 615 | $ 6,191 |
U.S. federal | 5,056 | 2,364 | 500 | ||
State and local | 582 | 237 | 35 | ||
Foreign | (12) | (54) | |||
Total current | 5,638 | 2,589 | 481 | ||
Deferred | (1,117) | (226) | 856 | ||
Total provision for income taxes | $ 4,522 | $ 2,363 | $ 1,337 | $ 738 | $ 2,967 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Income Tax Rate (Details) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Federal statutory tax rate | 35.00% | 34.00% | 34.00% |
State and local taxes, net of federal benefit | 2.20% | 2.40% | 6.90% |
Impact of foreign operations | 0.00% | 0.70% | 1.20% |
Federal and state tax credits | (2.60%) | (3.70%) | (6.30%) |
Goodwill | 0.10% | ||
Valuation allowance | (3.80%) | 30.80% | |
Domestic production activities deduction | (4.20%) | (4.00%) | (2.80%) |
Uncertain tax position activity | (0.60%) | (1.30%) | (11.30%) |
Other | 2.50% | 2.10% | 6.40% |
Sale of subsidiary | 5.00% | ||
Effective tax rate | 32.30% | 31.40% | 59.00% |
Note 11 - Income Taxes - Comp71
Note 11 - Income Taxes - Components of Deferred Income Tax Assets and (Liabilities) (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Reserves against current assets | $ 679,000 | $ 273,000 |
Accrued expenses | 3,690,000 | 2,881,000 |
Goodwill, acquisition costs and intangible assets | 255,000 | |
Deferred compensation | 842,000 | 791,000 |
Stock-based Compensation | 1,473,000 | 1,213,000 |
State net operating loss carryover and credits | 1,878,000 | 1,889,000 |
Deferred Tax Assets, Capital Loss Carryforwards | 4,272,000 | 4,272,000 |
U.S. Federal net operating loss carryover and credits | 456,000 | 506,000 |
Deferred income tax asset before valuation reserve | 13,290,000 | 12,080,000 |
Valuation reserve | (6,150,000) | (6,161,000) |
Deferred income tax asset | 7,140,000 | 5,919,000 |
Depreciation | (4,270,000) | (4,454,000) |
Goodwill, acquisition costs and intangible assets | (289,000) | |
Deferred income tax liability | (4,559,000) | (4,454,000) |
Net deferred income tax asset | $ 2,581,000 | $ 1,465,000 |
Note 11 - Income Taxes - Liabil
Note 11 - Income Taxes - Liability for Uncertain Tax Positions (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Balance at beginning of the fiscal year | $ 687,000 | $ 746,000 | $ 969,000 |
Decreases — tax positions in prior period | (161,000) | (134,000) | (225,000) |
Increases — tax positions in current period | 122,000 | 75,000 | 2,000 |
Settlements and payments | 0 | 0 | 0 |
Lapse of statute of limitations | 0 | 0 | 0 |
Balance at end of the fiscal year | $ 648,000 | $ 687,000 | $ 746,000 |
Note 12 - Supplemental Cash F73
Note 12 - Supplemental Cash Flow Information (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest | $ 50,000 | $ 48,000 | $ 76,000 |
Income taxes | 5,079,000 | 1,078,000 | 978,000 |
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 248,000 | $ 191,000 | $ 192,100 |
Note 13 - Commitments and Con74
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) | Mar. 19, 2012 | Jun. 30, 2016 | Jun. 30, 2013 |
LSI Virticus [Member] | |||
Business Combination, Contingent Consideration, Liability | $ 877,000 | $ 0 | |
Liability Payment Period | 5 years | ||
Loss Contingency, Estimate of Possible Loss | $ 236,000 | ||
Irrevocable Letter of Credit [Member] | |||
Letters of Credit Outstanding, Amount | 400,000 | ||
Standby Letters of Credit [Member] | |||
Letters of Credit Outstanding, Amount | 300,000 | ||
Letters of Credit Outstanding, Amount | $ 700,000 |
Note 14 - Severance Costs (Deta
Note 14 - Severance Costs (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2016 | |
Chief Executive Officer [Member] | Reclassification From Liability [Member] | ||||||
Other Noncash Income | $ 576,000 | |||||
Chief Executive Officer [Member] | ||||||
Severance Costs | $ 800,000 | |||||
Payments for Postemployment Benefits | $ 224,000 | |||||
Increase (Decrease) in Self Insurance Reserve | $ 1,000,000 | |||||
Facility Closing [Member] | ||||||
Business Exit Costs | $ 21,200 | |||||
Graphics Segment [Member] | ||||||
Severance Costs | $ 469,000 | |||||
Severance Costs | $ 340,000 | |||||
Percent Of Reduction Of Workforce | 8.30% | 8.30% | 8.30% | |||
Employee Related Reduction In Annual Compensation And Benefits | $ 3,700,000 |
Note 14 - Accrued Severance Lia
Note 14 - Accrued Severance Liability Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Balance at | $ 379 | |
Accrual of expense | 469 | 1,718 |
Payments | (742) | (704) |
Adjustments | (67) | (635) |
Balance at | $ 39 | $ 379 |
Note 15 - Sale of Subsidiary (D
Note 15 - Sale of Subsidiary (Details Textual) - USD ($) | Sep. 30, 2014 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
LSI Saco Technologies Inc [Member] | |||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 1,900,000 | ||||||||||||||||||||
Gain (Loss) on Disposition of Business | (565,000) | ||||||||||||||||||||
Line Of Credit Terminated | $ 5,000,000 | $ 5,000,000 | |||||||||||||||||||
Revenue, Net | 41,000 | ||||||||||||||||||||
Operating Income (Loss) | (183,000) | ||||||||||||||||||||
Gain (Loss) on Disposition of Business | $ (565,000) | ||||||||||||||||||||
Revenue, Net | $ 80,844,000 | $ 70,740,000 | $ 84,687,000 | $ 85,925,000 | $ 76,073,000 | $ 68,603,000 | $ 84,715,000 | $ 78,466,000 | $ 73,858,000 | $ 68,996,000 | $ 76,123,000 | $ 80,486,000 | 322,196,000 | [1] | 307,857,000 | [1] | 299,463,000 | [1] | 280,790,000 | 268,402,000 | |
Operating Income (Loss) | $ 13,956,000 | $ 7,533,000 | $ 2,318,000 | $ 630,000 | $ 6,331,000 | ||||||||||||||||
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale. |
Note 16 - Expenses from Related
Note 16 - Expenses from Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Keating Muething and Klekamp PLL [Member] | |||
Related party expenses | $ 207 | $ 500 | $ 98 |
American Engineering and Metal Working [Member] | |||
Related party expenses | 522 | 300 | 215 |
3970957 Canada Inc. [Member] | |||
Related party expenses | 42 | 161 | |
Synergy Electronic LTD [Member] | |||
Related party expenses | $ 7 | $ 171 |
Note 16 - Liabilities Recorded
Note 16 - Liabilities Recorded with Related Parties (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Keating Muething and Klekamp PLL [Member] | ||
Liabilities recorded with related parties | $ 12 | $ 35 |
American Engineering and Metal Working [Member] | ||
Liabilities recorded with related parties | $ 6 | $ 1 |
Note 16 - Revenue From Related
Note 16 - Revenue From Related Party Transaction (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Wesco International [Member] | |||
Revenue from related parties | $ 2,450 | $ 2,726 | $ 5,444 |
American Engineering and Metal Working [Member] | |||
Revenue from related parties | $ 27 | $ 4 | $ 7 |
Note 16 - Accounts Receivable R
Note 16 - Accounts Receivable Recorded with Related Parties (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Wesco International [Member] | ||
Accounts receivable, related parties | $ 57 | $ 262 |
Note 17 - Summary of Quarterl82
Note 17 - Summary of Quarterly Results (Unaudited) (Details Textual) - Subsequent Event [Member] | Aug. 27, 2016 |
Number of Shareholders | 620 |
Number of Beneficial Shareholders | 3,000 |
Note 17 - Summary of Quarterl83
Note 17 - Summary of Quarterly Results (Unaudited) - Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||
Fiscal Year [Member] | Maximum [Member] | ||||||||||||||||||||
High (in dollars per share) | $ 13.45 | $ 10.24 | $ 9.67 | $ 13.45 | $ 10.24 | $ 9.67 | ||||||||||||||
Fiscal Year [Member] | Minimum [Member] | ||||||||||||||||||||
High (in dollars per share) | 7.89 | 5.61 | 6.65 | $ 7.89 | $ 5.61 | $ 6.65 | ||||||||||||||
Fiscal Year [Member] | ||||||||||||||||||||
Net Sales | $ 322,196 | $ 307,857 | $ 299,463 | |||||||||||||||||
Gross profit | 83,671 | 74,449 | 65,298 | |||||||||||||||||
Net income | $ 9,482 | $ 5,151 | $ 930 | |||||||||||||||||
Basic (in dollars per share) | $ 0.38 | $ 0.21 | $ 0.04 | [1] | ||||||||||||||||
Diluted (in dollars per share) | 0.37 | 0.21 | 0.04 | [1] | ||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
High (in dollars per share) | 13.45 | $ 12.22 | $ 12.80 | $ 10.48 | 10.24 | $ 9.17 | $ 7.70 | $ 8.49 | 8.78 | $ 9.67 | $ 9.60 | $ 9 | 13.45 | 10.24 | 8.78 | |||||
Minimum [Member] | ||||||||||||||||||||
High (in dollars per share) | $ 10.29 | $ 9.85 | $ 7.89 | $ 8.33 | $ 8.02 | $ 5.84 | $ 5.61 | $ 6 | $ 7.10 | $ 7.54 | $ 7.76 | $ 6.65 | $ 10.29 | $ 8.02 | $ 7.10 | |||||
Net Sales | $ 80,844 | $ 70,740 | $ 84,687 | $ 85,925 | $ 76,073 | $ 68,603 | $ 84,715 | $ 78,466 | $ 73,858 | $ 68,996 | $ 76,123 | $ 80,486 | $ 322,196 | [2] | $ 307,857 | [2] | $ 299,463 | [2] | $ 280,790 | $ 268,402 |
Gross profit | 19,847 | 16,549 | 23,926 | 23,349 | 18,981 | 16,305 | 20,555 | 18,608 | 15,704 | 13,715 | 16,757 | 19,122 | 83,671 | 74,449 | 65,298 | |||||
Net income | $ 1,428 | $ 522 | $ 3,782 | $ 3,750 | $ 1,643 | $ 393 | $ 1,588 | $ 1,527 | $ (796) | $ (1,009) | $ 870 | $ 1,865 | $ 9,482 | $ 5,151 | $ 930 | $ (123) | $ 3,224 | |||
Basic (in dollars per share) | $ 0.06 | $ 0.02 | $ 0.15 | $ 0.15 | $ 0.07 | $ 0.02 | $ 0.06 | $ 0.06 | $ (0.03) | $ (0.04) | $ 0.04 | $ 0.08 | $ 0.38 | $ 0.21 | $ 0.04 | $ (0.01) | $ 0.13 | |||
Diluted (in dollars per share) | $ 0.06 | $ 0.02 | $ 0.15 | $ 0.15 | $ 0.07 | $ 0.02 | $ 0.06 | $ 0.06 | $ (0.03) | $ (0.04) | $ 0.04 | $ 0.08 | $ 0.37 | $ 0.21 | $ 0.04 | $ (0.01) | $ 0.13 | |||
[1] | The total of the earnings per share for each of the four quarters does not equal the total earnings per share for the full year because the calculations are based on the average shares outstanding during each of the individual periods. | |||||||||||||||||||
[2] | Net sales are attributed to geographic areas based upon the location of the operation making the sale. |
Note 17 - Summary of Quarterl84
Note 17 - Summary of Quarterly Results (Unaudited) - Statement of Operations Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||
Net sales | $ 80,844 | $ 70,740 | $ 84,687 | $ 85,925 | $ 76,073 | $ 68,603 | $ 84,715 | $ 78,466 | $ 73,858 | $ 68,996 | $ 76,123 | $ 80,486 | $ 322,196 | [1] | $ 307,857 | [1] | $ 299,463 | [1] | $ 280,790 | $ 268,402 | |
Cost of products and services sold | 238,525 | 233,408 | 234,165 | 220,380 | 208,089 | ||||||||||||||||
Loss on sale of subsidiary (see Note 15) | 565 | ||||||||||||||||||||
Gain on disposition of building | (343) | ||||||||||||||||||||
Selling and administrative expenses | 69,715 | 66,694 | 62,175 | 57,367 | 53,724 | ||||||||||||||||
Goodwill and intangible asset impairment | [2] | 805 | 2,413 | 258 | |||||||||||||||||
Operating income | 13,956 | 7,533 | 2,318 | 630 | 6,331 | ||||||||||||||||
Interest (income) | (84) | (26) | (17) | (47) | (25) | ||||||||||||||||
Interest expense | 36 | 45 | 68 | 62 | 165 | ||||||||||||||||
Income before income taxes | 14,004 | 7,514 | 2,267 | 615 | 6,191 | ||||||||||||||||
Income tax expense | 4,522 | 2,363 | 1,337 | 738 | 2,967 | ||||||||||||||||
Net income | $ 1,428 | $ 522 | $ 3,782 | $ 3,750 | $ 1,643 | $ 393 | $ 1,588 | $ 1,527 | $ (796) | $ (1,009) | $ 870 | $ 1,865 | $ 9,482 | $ 5,151 | $ 930 | $ (123) | $ 3,224 | ||||
Basic (in dollars per share) | $ 0.06 | $ 0.02 | $ 0.15 | $ 0.15 | $ 0.07 | $ 0.02 | $ 0.06 | $ 0.06 | $ (0.03) | $ (0.04) | $ 0.04 | $ 0.08 | $ 0.38 | $ 0.21 | $ 0.04 | $ (0.01) | $ 0.13 | ||||
Diluted (in dollars per share) | $ 0.06 | $ 0.02 | $ 0.15 | $ 0.15 | $ 0.07 | $ 0.02 | $ 0.06 | $ 0.06 | $ (0.03) | $ (0.04) | $ 0.04 | $ 0.08 | 0.37 | 0.21 | 0.04 | (0.01) | 0.13 | ||||
Dividends, per share (in dollars per share) | $ 0.17 | $ 0.12 | $ 0.24 | $ 0.36 | $ 0.23 | ||||||||||||||||
Basic (in shares) | 24,988 | 24,496 | 24,388 | 24,313 | 24,298 | ||||||||||||||||
Diluted (in shares) | 25,592 | [3] | 24,638 | [3] | 24,546 | [3] | 24,313 | 24,352 | |||||||||||||
Working capital | $ 88,510 | $ 80,813 | $ 74,349 | $ 88,510 | $ 80,813 | $ 74,349 | $ 74,647 | $ 81,834 | |||||||||||||
Total assets | 195,560 | 180,690 | 168,688 | 195,560 | 180,690 | 168,688 | 169,179 | 175,226 | |||||||||||||
Long-term debt, including current maturities | |||||||||||||||||||||
Shareholders’ equity | $ 155,520 | $ 142,952 | $ 138,412 | $ 155,520 | $ 142,952 | $ 138,412 | $ 141,690 | $ 149,368 | |||||||||||||
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale. | ||||||||||||||||||||
[2] | The Company recorded a significant impairment of goodwill and/or intangible assets in fiscal 2014 and 2013, and a minor impairment in fiscal 2012. See Note 6. | ||||||||||||||||||||
[3] | Options to purchase 1,275,000 common shares, 1,882,722 common shares, and 1,974,775 common shares at June 30, 2016, 2015, and 2014, respectively, were not included in the computation of diluted earnings per share because the exercise price was greater than the average fair market value of the common shares. |
Note II - Valuation and Qualify
Note II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Allowance for Doubtful Accounts [Member] | ||||
Balance, Beginning of Period | $ 317 | $ 294 | $ 346 | |
Additions Charged to Costs and Expenses | 55 | 220 | 6 | |
Additions From Company Acquired | ||||
Deductions | [1] | (146) | (197) | (58) |
Balance, End of Period | 226 | 317 | 294 | |
Inventory Valuation Reserve [Member] | ||||
Balance, Beginning of Period | 2,197 | 2,298 | 3,087 | |
Additions Charged to Costs and Expenses | 1,726 | 1,493 | 1,464 | |
Additions From Company Acquired | (417) | |||
Deductions | [1] | (1,529) | (1,177) | (2,253) |
Balance, End of Period | 2,394 | 2,197 | 2,298 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Balance, Beginning of Period | 6,161 | 6,450 | 5,750 | |
Additions Charged to Costs and Expenses | 700 | |||
Additions From Company Acquired | (283) | |||
Deductions | [1] | (11) | (6) | |
Balance, End of Period | $ 6,150 | $ 6,161 | $ 6,450 | |
[1] | For Allowance for Doubtful Accounts, deductions are uncollectible accounts charged off, less recoveries. |